3240 Olive Street

    Lemon Grove, CA 91945
    • $12,700,000
    • STATUS: ACTIVE
    • ON SITE: 10 days
    • ID#: 180051233
    UPDATED: 21 min ago
    $12,700,000
    • 0
      BEDS
    • 1.74
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    Description

    Rare 50 unit apartment opportunity in Lemon Grove, an urban San Diego area community close to all including San Diego State University. Excellent unit mix of larger sized apartments with 16 x 2/1's and 34 x 1/1's. 2 story low density development over 1.7 acres includes ample parking, community pool/BBQ area, leasing office, onsite laundry room. Recent capital improvements include new silicon roof, all new energy efficient windows, 2 x 100 gal water heaters, 5 new owned coinless washer/dryers and 13 completely gutted/renovated apartments (12 of the 16 two bedrooms). Value add upside in rental income and interior apartment improvements. Please see the virtual tour. Shown with accepted offer.

    Monthly Payment Calculator

    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2018 San Diego MLS, Inc.
    www.triolorealty.com/homes/87438137

    3240 Olive Street Lemon Grove, CA 91945

    • Price: $12,700,000
    • Status: ACTIVE
    • Updated: 21 min ago
    • ID#: 180051233
    0
    Beds
    0
    Baths
    0
    ½ Baths
    1.74
    Acres
    Neighborhood:
    Lemon Grove (91945)
    County:
    San Diego
    Area:
    Lemon Grove (91945)
    Property Description
    Rare 50 unit apartment opportunity in Lemon Grove, an urban San Diego area community close to all including San Diego State University. Excellent unit mix of larger sized apartments with 16 x 2/1's and 34 x 1/1's. 2 story low density development over 1.7 acres includes ample parking, community pool/BBQ area, leasing office, onsite laundry room. Recent capital improvements include new silicon roof, all new energy efficient windows, 2 x 100 gal water heaters, 5 new owned coinless washer/dryers and 13 completely gutted/renovated apartments (12 of the 16 two bedrooms). Value add upside in rental income and interior apartment improvements. Please see the virtual tour. Shown with accepted offer.
    Exterior Features

    Carports 0 Construction Frame Exterior All Auto SprinklersFully LandscapedPart Fenced Parking Spaces Parking Spaces Total 64 Roof Other/Remarks Units With Garages 0

    Interior Features

    Baths Unit1 1 Baths Unit2 1 Bedrooms Unit1 1 Bedrooms Unit2 2 Cooling Wall/Window Floor Coverings VinylWall To Wall CarpetOther/Remarks Floors SlabWood Heating Wall Laundry Owned Sq Ft Of Improvement 39680 Stories 2 Story Unit Furnished1 0 Unit Furnished2 0 Units With Dishwashers 13 Units With Disposals 50 Units With Drapes 0 Units With Ranges 50 Units With Refrigerators 50

    Property Features

    Actual Cap Rate 4.1 Actual Gross Scheduled Income 68992 Actual Operating Expense 293800 Assumable Finance 0 Buildings 1 Complex Features BbqOther/Remarks Existing Financing Conventional Financial Information Source Owner Gross Equity 6675000 Gross Multiplier 15 Have Units To Sell Leased Apartments 50 Mandatory Remarks None Known Market Area East County Monthly Rent Total 65542 Motive Want Exchange Other Income Amount 3450 Other Income Source Laund+Rubs Projected Cap Rate 5.2 Projected Gross Multiplier 13 Projected Gross Scheduled Inc 978600 Projected Net Income 665000 Projected Operating Expense 293800 Short Sale No Sq Ft Source Tax Record Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water Y Terms Cash To New LoanExchange Up Unit Number1 34 Unit Number2 16 Unit Rent Total1 41446 Unit Rent Total2 24096 Unit Rent1 1219 Unit Rent2 1506 Unit Type Apartment

    Listing provided courtesy of Pacblu. Listing information © 2018 San Diego MLS, Inc.
    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2018 San Diego MLS, Inc.
     
    Keller Williams - Triolo Realty Group
    12780 High Bluff Drive, Suite 130
    San Diego CA, 92130