Property Detail

991 Postal Way

Vista CA 92083

$5,000,000

Status: Active

Property Details

Description

20 Unit Garden Style Apartments located on a hill above the valley in Vista, CA. Perfect opportunity to Add Value by renovating the units and bringing rents to market. Rents are 30% below nearby renovated units. The 2 most recent turns were lightly upgraded and 2BR leases signed for $2,020/month. Continuing with this the property should generate well over a 5% cap rate. Ownership has spent almost $200,000 in recent years replacing most of the decks, placing a new roof and renovating 5 of the units. There are 14 carports and 5 tuck under parking spaces that could be converted to garages and/or dwelling units. In addition the new owner could initiate a utility reimbursement system to increase the NOI. Increased zoning and density may also allow up to 4 ADUs.

Map Location

Listing provided courtesy of Thomas McCartin of Marcus & Millichap. Last updated 2022-10-21 09:20:55.000000. Listing information © 2021 SANDICOR.

john Doe

Angelica Wallace

Real Estate Professional
CA DRE# 01393526
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