141 Cherry Avenue, Carlsbad, CA 92008 | MLS #230019590SD | Willis Allen Real Estate
 
  • 193 days on site
  • 6 views

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.

Listed by:

Acre Investment Real Estate

Source: CRMLS, MLS#: 230019590SD

  • Property Type
    CommercialSale
  • Lot
    0.34 Acres

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Willis Allen Real Estate
  • Median Age
    42
  • Population Density
    2,298
  • College Educated
    63%
  • Estimated Median Monthly Income
    $86,046
  • Estimated Total Home Owners
    5,394
  • Estimated Total Renters
    5,946
  • Owner / Renter Divide
    48% / 52%
  • Estimated Average Household Size
    2
  • Total Population
    27,119
  • Community data courtesy of LiveBy, Inc.

Owning this Home

$
$ %
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*Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.

Life at 141 Cherry Avenue


Schools

4
Buena Vista Elementary
  • Grades: KG-5
  • Public
4
Calavera Hills Elementary
  • Grades: KG-5
  • Public
4
Hope Elementary
  • Grades: KG-5
  • Public
4
Jefferson Elementary
  • Grades: KG-5
  • Public
5
Kelly Elementary
  • Grades: KG-5
  • Public
5
Magnolia Elementary
  • Grades: KG-5
  • Public
4
Calavera Hills Middle
  • Grades: 6-8
  • Public
4
Valley Middle
  • Grades: 6-8
  • Public
4
Carlsbad High
  • Grades: 9-12
  • Public
1
Carlsbad Village Academy
  • Grades: 10-12
  • Public
School data courtesy of LiveBy, Inc.
Ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

History

Date Event Value Agent
10/4/2023Source: CRMLS Added to Database
October 04, 2023