The Royal Apartments feature 48 approximately 365 sq ft studio apartments built between 1963 and 1965 situated on two parcels totaling approximately 45,537 sq ft. The property features 44 parking spaces, a pool, laundry facilities, and consists of two buildings with pitched roofs. One of the units is used as an onsite office, there was a recent large landscaping project completed, many of the tenants are long term, and all tenants are month to month. There is more than 35% upside in the current rents. The units feature a mix of faux wood, vinyl plank, and carpeted flooring and some bathrooms have been remodeled. Large cabinets separate the living and sleeping areas in the units. Routine maintenance has been performed during long term ownership but there is a great opportunity for value add for a new owner.
PLEASE DO NOT WALK ON THE PROPERTY OR DISTURB TENANTS. CONTACT LISTING AGENT FOR TOUR. Offers due 2/6/2020.
The property is located just South of University Avenue in the retail and cultural hub of the City Heights Neighborhood in San Diego, California. It is near John Marshall Elementary School, the Waldorf School of San Diego, and several churches. City Heights is a high demand rental market and is a diverse and vibrant community. Farther down University is a new retail center in Fairmount Village with El Super, Starbucks, Chase and Wells Fargo banks, as well as numerous restaurants, the City Heights Library and new Police Station.
Socially and economically, City Heights has a high concentration of businesses and households. Businesses tend to be smaller and wider spread than to the north and east. Like other urban mesa neighborhoods north of Balboa Park, City Heights has a high rate of pedestrian activity, relative to the rest of San Diego. City Heights is located next to many of the major highways with close access to the coast, beaches, business districts, downtown, and Mexico.
City Heights is also at the forefront of neighborhood and community re-development thanks in large part to Price Charities who spearheaded the neighborhood revitalization in the early 2000s. Notable projects include the recently completed MTS Centerline Transit Line Plaza, Central Avenue Skate Plaza, and the new Copley-Price Family YMCA.
