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

July 13, 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


Buyer Agency Compensation

2%

Listed by Acre Investment Real Estate, Craig Stewart,
Listing Contact: 760-809-3626 

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Data last updated 7:15 PM UTC, 7/13/2024

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