Located in the ultra desirable North Mission Beach neighborhood and half a block to the Pacific Ocean this property presents an extremely rare investment opportunity. The property consists of 14 spacious units consisting of six (6) 2 bedroom / 1 bathroom apartments, three (3) 1 bedroom / 1 bathroom apartments and five (5) studio apartments. Unlike the majority of housing in the area the Whiting Court Apartments contain eight (8) legal off street parking spaces as well as five (5) single car garages (there are three additional off street parking spaces but are assumed tobe nonconforming). In the past year, all windows throughout the property have been replaced with dual pane vinyl retrofits, much of the wood framing throughout was replaced and the entire exterior was restucco'd. Most units are currently on MTM lease agreements which allows the flexibility of a new owner to increase rents to market. THERE IS UPWARDS OF 35% OF RENTAL UPSIDE ON THIS PROJECT.
|8/23/2019 12:00:00 AM||New Value: $5,300,000|