Listing ID: 220015041
Price: $9,120,000
Status: ACTIVE
Address: 5101-5111 Towle Court
City: San Diego
State: California
Postal Code: 92105
SqFt: 45,537
County: San Diego
San Diego
CA
92105
The Royal Apartments feature 48 approximately 365 sq ft studio apartments built between 1963 and 1965 situated on two parcels totaling approximately 45,537 sq ft. The property features 44 parking spaces, a pool, laundry facilities, and consists of two buildings with pitched roofs. One of the units is used as an onsite office, there was a recent large landscaping project completed, many of the tenants are long term, and all tenants are month to month. There is more than 64% upside in the current rents. The units feature a mix of faux wood, vinyl plank, and carpeted flooring and some bathrooms have been remodeled. Large cabinets separate the living and sleeping areas in the units. Routine maintenance has been performed during long term ownership but there is a great opportunity for value add for a new owner. There is assumable financing at 2.84% fixed for 3 more years or buyer to purchase free and clear by paying seller's prepayment penalty.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income

Interior

Number of Baths (1): 1
Number of Stories: 2
SqFt of Improvement: 17376

External

Entry Only: No
Number of Buildings: 2
Number of Units: 48
Number of Units (1): 48
Number of Units w/Ranges: 48
Number of Units w/Refrigerator: 48
Parking Spaces Total: 44

Location

Country: United States
Market Area: Metro Uptown
Zip/Area: EAST SAN DIEGO (92105)

Additional

Age: 1963
Class: COMMERCIAL-RES INCOME
Have: Units
Mandatory Remarks: None Known

Financial

Actual Gross Operating Income: 536057
Actual Gross Scheduled Income: 552636
Actual Operating Expense: 243075
Actual Vacancy & Credit Loss: 16579
Cap Rate Actual: 3.21
Cap Rate Projected: 6.68
Gross Equity: 5448000
Gross Multiplier: 16.5
Monthly Rent Total: 46053
Number of Leased Apartments: 48
Price per SqFt of Improvements: 524.86
Price/Unit: 190000
Projected Gross Multiplier: 10.4
Projected Gross Operating Income: 852292
Projected Gross Scheduled Income: 878652
Projected Net Income: 609217
Projected Operating Expense: 243075
Projected Vacancy & Credit Los: 26360
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Unit Rent (1): 934
Unit Rent Total (1): 44832

Zoning Info


Area Info


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Listing courtesy of South Coast Commercial, Inc.

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