$13,550,000 - 141-155 Cherry Avenue, Carlsbad

  • 0.34Acres

Carlsbad Home For Sale

Cherry Apartments is located in the desirable beach community of Carlsbad, California. This 17-unit apartment investment was built in 1959 and consists of 14 one-bedroom/one-bath units, 1 two-bedroom/one-bath house, and 2 non-conforming studios. These units are located on three adjoining parcels. The property amenities include off-street parking, lush tropical landscaping, 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 opportunities 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 8 multi-million dollar townhomes * Leave as is and enjoy future appreciation due to the proximity to the beach.

Sales Agent

Sam Smith
  • Sam Smith
  • Beach Cities Luxury Homes
  • Phone: 619-988-9707
  • Cell: 619-988-9707
  • Contact Agent Now

Amenities

  • AmenitiesNone
  • Parking Spaces20
  • ParkingCarports, Garages, Spaces

Additional Information

  • Date ListedOctober 4th, 2023
  • Days on Market30
  • ZoningR-3

Essential Information

  • MLS® #230019590
  • Price$13,550,000
  • Acres0.34
  • TypeCommercial
  • Sub-TypeCom-Res Income
  • StatusACTIVE

Exterior

  • ExteriorAll Auto Sprinklers, Block Fence, Cable Available, Fully Landscaped, Wood Fence
  • RoofComposition, Tar & Gravel
  • ConstructionFrame, Lath/Plaster, Stucco

Community Information

  • Address141-155 Cherry Avenue
  • AreaCARLSBAD (92008)
  • CityCarlsbad
  • CountySan Diego
  • StateCalifornia
  • Zip Code92008

Interior

  • HeatingWall
  • CoolingNone
  • # of Stories2
  • Stories2 Story

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Provided By: Acre Investment Real Estate.

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Listing information last updated on April 28th, 2024 at 11:31am PDT.