Coastal Southbay Multifamily - 5.01% Cap | 613 Florence St
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Coastal Southbay Multifamily - 5.01% Cap 613 Florence St
5 Unit Apartment Building $2,249,000 ($449,800/Unit) 5.86% Cap Rate Imperial Beach, CA 91932
Investment Highlights
- Fully Remodeled, Turnkey Property
- Rear Building Comprised of (4) 1Bdrm/1Bath Units
- Onsite Laundry, Air-Conditioning and Off-Street Parking
- Detached 3Bdrm/2Bath Front House (In-Unit Laundry)
- Strong In-Place Cap Rate
Executive Summary
Fantastic opportunity to purchase an extremely well-located and completely remodeled 5-unit apartment community in Imperial Beach (South Bay San Diego). The front house is a 3Bedroom/2Bathroom House (1,200sf) with a private back and side-yard and in-unit laundry. The rear building consists of four (4) spacious 1Bedroom/1Bathroom units. There is ample onsite parking and a laundry room. The property has been remodeled top-to-bottom and offers an investor a turnkey asset with strong in-place rents.
Property Facts
| Price | $2,249,000 | Apartment Style | Low Rise |
| Price Per Unit | $449,800 | Building Class | C |
| Sale Type | Investment | Building Size | 3,376 SF |
| Cap Rate | 5.86% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.05 | No. Stories | 2 |
| No. Units | 5 | Year Built/Renovated | 1980/2023 |
| Property Type | Multifamily | Parking Ratio | 2.07/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,249,000 |
| Price Per Unit | $449,800 |
| Sale Type | Investment |
| Cap Rate | 5.86% |
| Gross Rent Multiplier | 12.05 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Building Size | 3,376 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1980/2023 |
| Parking Ratio | 2.07/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Ceiling Fans
- Kitchen
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | $3,999 | 1,200 |
| 1+1 | 4 | $2,573 | 600 |
Walk Score ®
Very Walkable (80)
Bike Score ®
Very Bikeable (71)
zoning
| Zoning Code | C/MU-1 |
| C/MU-1 |
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Coastal Southbay Multifamily - 5.01% Cap | 613 Florence St
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