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3429-37 MADISON Carlsbad CA 92008

APN 204-172-03-00

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Details
Property Type Multifamily
Sub Type Apartment Building
Lot SqFt 7,869,470
Acreage ******
Sold Date ******
Sold Price ******
Sold Price/SqFt ******
Zoning Code OS
Year Built 1922
Opportunity Zone No
Lease Rate ******
Sold Price per Acre ******
Tax Year ******
Owner Name CABRILLO POWER I L L C
APN 204-172-03-00
USPS Vacancy Indicator N

Property History

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Property Type
Property Type
Multifamily
Property Subtype
Apartment Building
Asking Details
Asking Price
$1,850,000
Marketing Description
Prime coastal development opportunity west of I-5 and just south of Carlsbad Village.​ Rare R-2 zoned lot spanning approximately 6,913 sqft with alley access, offering strong potential for redevelopment, expansion, or income-producing improvements.​ Property consists of two detached structures: a 3 bed/1 bath main home (approx.​ 1,032 sqft) and a 1 bed/1 bath unit (approx.​ 576 sqft), along with a detached garage with additional storage.​ Clear upside for renovation or repositioning.​ Flat, usable lot with favorable layout and access, ideal for maximizing density or reconfiguring for higher returns.​ Current tenants are on month-to-month agreements, providing flexibility for future development timelines.​ Highly desirable coastal location just minutes from Carlsbad Village, beaches, dining, and retail.​ Opportunities like this, with zoning, lot size, and location, are increasingly rare.​Tenant-occupied on a month-to-month basis.​ Built in 1922.​
Property Type
Property Type
Multifamily
Property Subtype
Apartment Building
Marketing Description
Prime coastal development opportunity west of I-5 and just south of Carlsbad Village. Rare R-2 zoned lot spanning approximately 6,913 sqft with alley access, offering strong potential for redevelopment, expansion, or income-producing improvements. Property consists of two detached structures: a 3 bed/1 bath main home (approx. 1,032 sqft) and a 1 bed/1 bath unit (approx. 576 sqft), along with a detached garage with additional storage. Clear upside for renovation or repositioning. Flat, usable lot with favorable layout and access, ideal for maximizing density or reconfiguring for higher returns. Current tenants are on month-to-month agreements, providing flexibility for future development timelines. Highly desirable coastal location just minutes from Carlsbad Village, beaches, dining, and retail. Opportunities like this, with zoning, lot size, and location, are increasingly rare.Tenant-occupied on a month-to-month basis. Built in 1922.
Property Type
Property Type
Office, Retail
Property Subtype
Storefront
Asking Details
Asking Cap Rate
******
Investment Highlights
  • At 79% leased with below market rents, the property offers great stable cash-flow in Year 1 and is priced to a Year 3 stabilized cap rate of 8.88%.
  • One ±8,174 SF vacant suite exists, which was recently put on the market. This size provides exceptional flexibility to target the most active and robust tenant segment in Carlsbad.
  • Two in-place credit tenans
  • (NYSE: DHI): Founded in 1978, DR Horton is America’s largest home builder with a market cap of over $20B. DR uses the subject building for its Continental Homes division which oversees its single-family homes business throughout Southern CA
  • Owned by Global Merchants, CPS provides private label A/R servicing and portfolio management, enabling B2B lenders to appeal to a wider spectrum of commercial borrowers with a greater array of lending products.
  • Building finishes include impressive lobbies, open floor plans, new bathrooms, abundant natural light through large windows which make the building a one of a kind property for tenants looking for an upgraded image at an affordable rent.
  • s the leading North San Diego office submarket, Carlsbad has accounted for over 75% of North County’s absorption since 2017
  • San Diego’s overall office fundamentals are healthier than ever evident by 33 of the 39 past quarters obtaining positive net absorption. Additionally, San Diego’s unemployment rate of 2.8% is at its lowest point since September 2000 and lower than CA and the nation. Furthermore, San Diego’s office rent growth outpaced both Los Angeles and San Francisco in 2017 - 2018. This trend is forecasted to continue through 2020.

Loan History

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Financial History

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Tax History

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Contact Information

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Ownership Information

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Property Details

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Contacts

Sold on
 BY:
MP
Matt Pourcho PRO
LIC: CA 01705763
•••.•••.4622
••••.•••rcho@••••.com
Brokerage logo
Sold on
 BY:
GS
Gary Stache
LIC: CA 00773736
•••.•••.8532
••••.••ache@••••.com
Brokerage logo
Sold on
 BY:
AD
Anthony Delorenzo PRO
LIC: CA 01706686
•••.•••.8425
•••••••.•••••enzo@••••.com
Brokerage logo
Sold on
 BY:
DM
Doug Mack
LIC: CA 01804065
•••.•••.8571
••••.mack@••••.com
Sold on
 BY:
BJ
Bryan Johnson PRO
LIC: 02018612
•••.•••.3762
•••••.•••nson@••••.com
Brokerage logo
Listing removed on
 BY:
GP
Godwin Pirga Jr.
•••.•••.4304
••dwin@•••••••••••••••••.com
AllView Real Estate
Listing removed on
 BY:
SD
Shannon Dempsey
•••.•••.5606
•••nnon@•••••••••••••••.com

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