ACRE Investment Real Estate Services is proud to present the Cherry Apartments located in the desirable beach community of Carlsbad, California. This 16 unit apartment investment was built in 1959 and consists of 13 one bedroom/one bath units, 1 two bed/one bath unit, 2 non-conforming studios, and 1 large storage garage.
These units are located on three adjoining parcels. The property amenities include off-street parking, lush tropical landscaping, and 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 opportunity 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 4-8 multi-million dollar townhomes
* Leave as is and enjoy future appreciation due to proximity to the beach.
