1413 Hemlock Ave
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1413 Hemlock Ave
6 Unit Apartment Building $1,925,000 ($320,833/Unit) 5.31% Cap Rate Imperial Beach, CA 91932
Investment Highlights
- Upgraded Beach Units
- Low maintenance and excellent rents
- On-Site Laundry
- Excellent location
- Concrete Driveway
- Functional floor plans with roomy design
Executive Summary
This newly painted property has recently underwent numerous upgrades. The location being near the beach makes this property a great experience for all ages. As the building is in great condition, this reduces the required maintenance. The appearance of this property allows it to stand our from other residences in the community. In addition, this property has demonstrated that it has a stable income stream. With its new vinyl windows, entry doors, kitchens, granite counters and many other upgrades, this building has proven itself to be a strong competitor. The community also offers many amenities for their residents such as the assigned parking space and on-site laundry facility.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$151,600
|
$50.53
|
| Other Income |
$1,800
|
$0.60
|
| Vacancy Loss |
$4,500
|
$1.50
|
| Effective Gross Income |
$148,900
|
$49.63
|
| Taxes |
$25,540
|
$8.51
|
| Operating Expenses |
$21,015
|
$7.01
|
| Total Expenses |
$46,555
|
$15.52
|
| Net Operating Income |
$102,345
|
$34.12
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $151,600 |
| Annual Per SF | $50.53 |
| Other Income | |
|---|---|
| Annual | $1,800 |
| Annual Per SF | $0.60 |
| Vacancy Loss | |
|---|---|
| Annual | $4,500 |
| Annual Per SF | $1.50 |
| Effective Gross Income | |
|---|---|
| Annual | $148,900 |
| Annual Per SF | $49.63 |
| Taxes | |
|---|---|
| Annual | $25,540 |
| Annual Per SF | $8.51 |
| Operating Expenses | |
|---|---|
| Annual | $21,015 |
| Annual Per SF | $7.01 |
| Total Expenses | |
|---|---|
| Annual | $46,555 |
| Annual Per SF | $15.52 |
| Net Operating Income | |
|---|---|
| Annual | $102,345 |
| Annual Per SF | $34.12 |
Property Facts
| Price | $1,925,000 | Apartment Style | Low Rise |
| Price Per Unit | $320,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.31% | Building Size | 3,000 SF |
| Gross Rent Multiplier | 12.71 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Price | $1,925,000 |
| Price Per Unit | $320,833 |
| Sale Type | Investment |
| Cap Rate | 5.31% |
| Gross Rent Multiplier | 12.71 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 3,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 2/1,000 SF |
Unit Amenities
- Disposal
- Ceiling Fans
- Refrigerator
- Range
- Tub/Shower
- Double Pane Windows
- Window Coverings
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 500 |
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PROPERTY TAXES
| Parcel Number | 633-232-48 | Total Assessment | $1,560,600 |
| Land Assessment | $1,144,440 | Annual Taxes | $25,540 ($8.51/SF) |
| Improvements Assessment | $416,160 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
633-232-48
Land Assessment
$1,144,440
Improvements Assessment
$416,160
Total Assessment
$1,560,600
Annual Taxes
$25,540 ($8.51/SF)
Tax Year
2024
zoning
| Zoning Code | R-3 (Residential Multi-Family) |
| R-3 (Residential Multi-Family) |
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