Vista CA  home offered at $5,000,000 

Call Lisa DiNoto Group at (909)921-2544 to see this home.

 

991 Postal Way
Vista, California CA 92083
Sold For: $4,450,000
Listing ID: 220024840SD
Status: Closed
Sold Date: 1/11/2023

20 Unit Garden Style Apartments located on a hill above the valley in Vista, CA. Perfect opportunity to Add Value by renovating the units and bringing rents to market. Rents are 30% below nearby renovated units. The 2 most recent turns were lightly upgraded and 2BR leases signed for $2,020/month. Continuing with this the property should generate well over a 5% cap rate. Ownership has spent almost $200,000 in recent years replacing most of the decks, placing a new roof and renovating 5 of the units. There are 14 carports and 5 tuck under parking spaces that could be converted to garages and/or dwelling units. In addition the new owner could initiate a utility reimbursement system to increase the NOI. Increased zoning and density may also allow up to 4 ADUs.

Primary Features

County: San Diego
Property Sub Type: Commercial/Residential
Property Type: Commercial Sale
Zoning: R-3R

Interior

External

Carport Spaces: 20
Construction Materials: Block, Stucco
Number Of Buildings: 3
Parking Total: 40

Location

Country: US
MLS Area Major: 92083 - Vista

Additional

Days On Market: 20
List Agent State License: 01427348
List Office State License: 00530854
Number Of Units Total: 20
Parcel Number: 1803300100

Financial

Gross Scheduled Income: 276324
Net Operating Income: 139590
Operating Expense: 140034
Other Income 1: 3300

Zoning Info


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Listed by: Thomas McCartin, DRE #01427348 from Marcus & Millichap 858-373-3100

Contact - Listing ID 220024840SD

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Lisa DiNoto

9483 Haven Ave #100
Rancho Cucamonga, CA 91730
Phone: 9099212544

Data services provided by IDX Broker
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