Description

The Magnolia Terrace apartment community represents a solid value add investment opportunity for acquisition in the San Diego County apartment market. Built in 1974, the 54-unit property rests on a 1.26 acre lot and consists of 25,920 square feet of rentable space. The property has a unit mix of 36 studios, 16 one bedroom one bath units, and 2 two-bedroom one bath units. Current ownership also has an in-place RUBS program to recapture the cost of water usage while tenants pay their own electric. Residents enjoy the convenience of onsite laundry (leased equipment) as well as a swimming pool/barbecue area for family gatherings. The spacious parking area has 1 parking space for each unit plus additional spots that some tenants pay extra for, generating additional income for the owner. The current owner has also installed some onsite storage units for tenants. The property is located just off the 67 freeway affording the residents convenient access to jobs and all that San Diego has to offer. With solid in place income a new owner could renovate units as they turn over and bring rents up to market levels.

Features

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• 1.26 Acres
• 2 Stories
• Number of Units: 54
• Price Per Unit: 233333
• SqFt of Improvement: 25920