511 Palm Ave
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511 Palm Ave
2 Unit Apartment Building Offered at $2,695,000 at a 3.44% Cap Rate in Coronado, CA 92118
Executive Summary
The Bove Group is excited to present 511-15 Palm Avenue, a sweetheart Duplex consisting of (2) large 1,200SF+ 2Bedroom 1 Bath separate homes. The subject property is in phenomenal condition including fully renovated interiors/bathrooms/kitchens including a charming Spanish cottage feel throughout. Additionally, this property is located one block away from the prestigious Coronado Middle/High School.
Constructed in 1930 & designated as a Historic Resource in 2018 (for its association with Genevieve Moore Savage & builder Alma V. Johnson), 515 Palm Ave. benefits from significantly reduced property taxes under the Mills Act making this property that much more attractive for investors & owner users alike. Currently, the property is fully rented receiving $9,850 between both units.
Constructed in 1930 & designated as a Historic Resource in 2018 (for its association with Genevieve Moore Savage & builder Alma V. Johnson), 515 Palm Ave. benefits from significantly reduced property taxes under the Mills Act making this property that much more attractive for investors & owner users alike. Currently, the property is fully rented receiving $9,850 between both units.
Property Facts
| Price | $2,695,000 | Property Type | Multifamily |
| Price Per Unit | $1,347,500 | Lot Size | 0.91 AC |
| Sale Type | Investment | Building Size | 2,433 SF |
| Cap Rate | 3.44% | No. Stories | 1 |
| Gross Rent Multiplier | 22.8 | Year Built | 1930 |
| No. Units | 2 |
| Price | $2,695,000 |
| Price Per Unit | $1,347,500 |
| Sale Type | Investment |
| Cap Rate | 3.44% |
| Gross Rent Multiplier | 22.8 |
| No. Units | 2 |
| Property Type | Multifamily |
| Lot Size | 0.91 AC |
| Building Size | 2,433 SF |
| No. Stories | 1 |
| Year Built | 1930 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $4,925 | 1,216 |
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Walk Score ®
Very Walkable (83)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 536-371-15 | Improvements Assessment | $296,339 |
| Land Assessment | $444,508 | Total Assessment | $740,847 |
PROPERTY TAXES
Parcel Number
536-371-15
Land Assessment
$444,508
Improvements Assessment
$296,339
Total Assessment
$740,847
zoning
| Zoning Code | S |
| S |
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511 Palm Ave
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