111-123 Elkwood Ave
5 Unit Apartment Building $2,500,000 ($500,000/Unit) 3.30% Cap Rate Imperial Beach, CA 91932
INVESTMENT HIGHLIGHTS
- Walking distance to the beach, breweries, and restaurants.
- Significant Rental Upside
- Zoned for AIRBNB
EXECUTIVE SUMMARY
LOCATION, LOCATION, LOCATION!!!! 111-123 Elkwood Ave is a well-maintained 5-unit property in Imperial Beach. The property underwent extensive capital improvements. THIS PROPERTY IS ZONED FOR AIRBNB providing an investor significant upside. It consists of a large, 2-story duplex, and a single-story triplex. The duplex consists of one 2-bed/2-bath that has in-unit washer/dryer, a private yard, an extra room, and ocean views from the second story. The other unit is a 2-bed/1-bath with two private yards, a garage, and a laundry shed. The other building is a triplex consisting of three 1-bed/1-bath units with two of them being recently renovated. The total rentable square footage for all 5-units is 2,957 square feet on a 6,929 square foot lot. The zoning is C/MU2.
PROPERTY FACTS
| Price | $2,500,000 |
| Price Per Unit | $500,000 |
| Sale Type | Investment |
| Cap Rate | 3.30% |
| Gross Rent Multiplier | 17.67 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 2,957 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1935/2014 |
| Parking Ratio | 1.69/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 1 | - | - |
| 2+2 | 1 | - | - |
1 of 1
Walk Score®
Very Walkable (74)
PROPERTY TAXES
| Parcel Number | 625-391-02 | Improvements Assessment | $393,569 |
| Land Assessment | $362,180 | Total Assessment | $755,749 |
ZONING
| Zoning Code | 6 (Zoning allows for AIRBNB) |
