299 Carmel Ave | Marina, CA 93933
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- LoopNet Team
299 Carmel Ave
Marina, CA 93933
The Gates at Marina Apartments · Multifamily Property For Sale
·
134 Units
INVESTMENT HIGHLIGHTS
- PROVEN OPERATING HISTORY: The Project has had exceptional historical performance and stability with potential to capture additional upside
- » NEARBY UNIVERSITY: The Property is located just 2.5 miles from California State University Monterey Bay.
- POPULATION GROWTH: Marina has been one of the fastest growing cities in the Monterey Peninsula and is projected to grow another 70% by 2035.
- RECENT CAPITAL IMPROVEMENTS: Current ownership has recently invested $1.7 million in capital improvements over the past three years.
- INCOME GROWTH POTENTIAL: Potential for future ownership to increase NOI through an interior renovation, implementation of RUBs
- RARE, EXCEPTIONAL LOCATION: Gates Apartments is located just minutes from the beach and is surrounded by a number of regional attractions.
PROPERTY FACTS
| No. Units | 134 | Building Size | 134,000 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1987 |
| Building Class | B | Parking Ratio | 2.3/1,000 SF |
| Lot Size | 7.38 AC | ||
| Zoning | R4 | ||
| No. Units | 134 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 7.38 AC |
| Building Size | 134,000 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1987 |
| Parking Ratio | 2.3/1,000 SF |
| Zoning | R4 |
AMENITIES
UNIT AMENITIES
- Balcony
- Dishwasher
- Disposal
- Fireplace
- Ceiling Fans
- Kitchen
- Tub/Shower
- Walk-In Closets
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 124 | - | - |
| 3+2 | 10 | - | - |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $18,610,588 | |
| Land Assessment | $17,860,130 | Total Assessment | $36,470,718 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$17,860,130
Improvements Assessment
$18,610,588
Total Assessment
$36,470,718
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