The Fire Mountain 4 Plex represents a multi-family investment with a tremendous amount of upside for the astute investor. With below market rents, there is ample opportunity for a new owner to improve the property, add value, and raise rents to increase the cash flow. Built in 1974 and consisting of 4,667 square feet of rentable space, the property has a superior unit mix of (1) 3 bedroom 2 bath unit, (2) 2 bedroom 1.5 bath townhouse style units, and (1) 2 bedroom 1 bath unit. There are 3 single car garages for each of the 2 bedroom units plus a 2 car garage for the 3 bedroom unit. Each unit is separately metered for gas and electric, has its own individual water heater, as well as laundry hook ups. There are 2 additional open off street parking spaces for the property. The 3 bedroom unit has a fireplace as well as a private entry from the garage into the unit. The property is a value add opportunity with the potential for substantially higher rents than what is currently in place.
The Fire Mountain area is a highly desirable rental market characterized by low sales volume due to lack of ownership changes. These assets do not come on the market very often with the most recent sale closing in March of 2016. Just East of the coast along the 78 corridor, the area has the recently re-positioned Carlsbad Mall, Trader Joes, Target and many other national retailers. The property is close to the freeway and walking distance to many of the shops and restaurants, as well as a short ride to coastal Oceanside and all the redevelopment ongoing there. This building is a good long term hold due to the unit mix and location.
