Listed by CBRE - San Diego
$2,695,000
1147 Grove Avenue
Details
APN 633-150-53-00
Property Type Multifamily
Sub Type Apartment Building
Square Footage 6,366
Net Rentable (SqFt) 6,200
Units 6
Cap Rate 5%
NOI $134,709
Occupancy 100%
Pro-Forma Cap Rate 5.18%
Pro-Forma NOI $139,546
Price per SqFt $423
Broker Co-Op Yes
Class A
Year Built 1978
Year Renovated 2024
Buildings 2
Stories 2
Acreage 0.460
Parking Spaces 12 spaces
Parking Per SqFt 1.89
Investment Type Core
Six Coastal Units on Large Lot | House + 5-Plex with ADU Potential
Marketing description
We are pleased to present 1147 Grove Avenue, a recently renovated six-unit property located in the charming family-friendly coastal community of Imperial Beach, San Diego's most southern beach town. This unique offering provides a phenomenal owner-user house hack opportunity with a large front house on Grove Avenue and five apartment units in the back. The property sits on a generous 20,129 square foot lot offering potential for construction of multiple ADU units making it an attractive investment for both owner-users and value-add investors. The property consists of six large fully renovated apartment units, three of which are furnished. There are (4) three-bedroom, one-bath units, (1) two-bedroom, one-and-a-half bath townhouse and (1) three-bedroom, two-bathroom detached house at the front of the property. The extensive renovations completed in 2024 have modernized both the unit interiors and exterior of the property. The upgrades include hard surface countertops, new appliances, new cabinetry, vinyl plank flooring, air conditioning, exterior paint and stucco, a new roof, new electrical systems, and refinishing of the pool and pool area. Additionally, the parking lot has been re-slurried and striped, providing ample parking with a total of 12 surface spaces. Since 2015, only 29 new apartment units have been constructed in Imperial Beach, excluding ADU units. This scarcity of new and well-maintained units creates high demand for properties like 1147 Grove Avenue, which offers large modern, turnkey living spaces.
Investment highlights
- Front House + Five Units on Large Lot
- Turnkey Fully Leased Coastal Asset
- Prime Imperial Beach Location – Nearby Schools, Retail and Beaches
- Superior Unit Mix - Large Three and Two Bedrooms
- Significant Upside Potential with Construction of Multiple ADU's
- Low Vacancy Market - Lack of New Supply
- Great Freeway Access to the I-5 and 905 Freeways
- Major Amenities Near the Submarket with Key Mega-Projects Underway
- Front House Offers Opportunity for an Owner/User to Invest and House Hack
- Low Maintenance and Strong Rents
- On-Site Laundry
- Military-Friendly Location: Just Minutes from Naval Base Coronado and Other Nearby Installations
- Well Amenitized with 12 Parking Spaces, Pool, and Bbq Area
Listing Contacts
Listed by CBRE - San Diego
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$134,709.00
$11,225.75/mo
Valuation Metrics
0
DSCR
5%
Cap Rate
5%
ROI
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