Listed by Starker West, Inc
$4,995,000
12 on Florence
Details
APN 633-022-11-00
Property Type Multifamily
Sub Type Apartment Building
Square Footage 8,324
Units 12
Cap Rate 5.16%
NOI $257,813
Occupancy 100%
Price per SqFt $600
Year Built 1960
Year Renovated 2023
Buildings 1
Stories 2
Acreage 0.220
Multifamily | 12 Units | $416,250/unit
Marketing description
IB Villas is a 12-unit luxury apartment community located in Imperial Beach, fully renovated in 2023–2024. The property sits on a 9,583 square foot lot and offers a desirable mix of five 1-bedroom/1-bath units and seven 2-bedroom/1-bath units. Each residence has been comprehensively modernized with luxury finishes, new building systems, and functional layouts designed to maximize livability and long-term tenant demand. The interiors feature stainless-steel appliance packages including electric stove/oven with exhaust hood, refrigerator, and garbage disposal, complemented by new cabinetry, quartz counter-tops, designer tile back-splashes, and luxury vinyl plank flooring. Bathrooms include shower/tub combinations with tile surrounds, modern vanities with quartz counter-tops and under-mount sinks, medicine cabinet storage, and updated plumbing fixtures. Each unit is equipped with in-unit washer/dryers, ceiling fans, flush-mount and pendant lighting, and energy-efficient vinyl windows that enhance comfort and efficiency throughout. The property offers 14 asphalt-paved surface parking spaces, a landscaped communal courtyard with trees and shrubs that create a welcoming outdoor environment, and all units are separately metered for gas and electricity, ensuring strong operating efficiency. With functional floor plans, modern finishes, and excellent curb appeal, IB Villas presents a turn-key multifamily investment opportunity in one of San Diego’s most promising coastal sub-markets.
Investment highlights
TURN-KEY - Recently Renovated Property
LARGE LOT - 9510 SF Lot
STRONG UNIT MIX - Comprised of Five 1 Bedroom 1 Bathroom and Seven 2 Bedroom 1 Bathroom Unit
Listing Contacts
Listed by Starker West, Inc
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$257,813.00
$21,484.42/mo
Valuation Metrics
0
DSCR
5.16%
Cap Rate
5.16%
ROI
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