Active
141-155 Cherry Avenue
Carlsbad CA, 92008
$13,550,000
$1,707.62 per sqft
Active
3 Beds
7,935 sqft
Commercial
Cherry Apartments is located in the desirable beach community of Carlsbad, California. This 17-unit apartment investment was built in 1959 and consists of 14 one-bedroom/one-bath units, 1 two-bedroom/one-bath house, and 2 non-conforming studios. These units are located on three adjoining parcels. The property amenities include off-street parking, lush tropical landscaping, small yards/patios in select units, balconies, and on-site laundry. The interiors feature gas appliances and dual-pane windows. There are storage closets in the carport area and ocean views from some of the units. The property has been well maintained and professionally managed and shows a true pride of ownership. The property's proximity to the ocean is a great draw for potential renters and results in premium rental rates for each unit. The location of the property is less than 1/2 a block from one of the most desirable beaches in Southern California. It is also a short distance to restaurants, premier shopping malls, and major employers. The Cherry Apartments is a rare investment asset that will provide future appreciation opportunities and steady cash flow for years to come. There are several opportunities for an investor looking to add value: * Remodel and update the interiors of the units and raise rents by $300/$400 per unit. * Remodel the units in rent some or all as short-term vacation rentals. * Scrape the existing structures and build 8 multi-million dollar townhomes * Leave as is and enjoy future appreciation due to the proximity to the beach.
230019590
MLSⓇ ID
October 4, 2023
Listed
August 23, 2024
Updated
Map
141-155 Cherry Avenue
Carlsbad CA, 92008
Interior Features
Total Stories
2
Bedrooms
3
Appliances
Dishwasher, Range, Refrigerator, Disposal
Laundry Description
Leased
Floor Description
Concrete, Wood, Tile, Vinyl, Carpet
Fireplace
No
Cooling
No
Cooling Description
None
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Features
All Auto Sprinklers, Landscaped
Roof
Composition, Tar/Gravel
Other Property Details
Area Name
Coastal North
Days on Market
30
Garage
Yes
Parking
Carport, Garage, Spaces
Parking Total
20
View
No
County
San Diego
Pool
No
Zoning
R-3
Listed by Acre Investment Real Estate, Craig Stewart,
Listing Contact: 760-809-3626
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Data last updated 8:01 AM UTC, 8/23/2024