Sold
991 Postal Way
Vista CA, 92083
$4,450,000
$312.32 per sqft
Sold
2 Beds
14,248 sqft
Commercial
20 Unit Garden Style Apartments located on a hill above the valley in Vista, CA. Perfect opportunity to Add Value by renovating the units and bringing rents to market. Rents are 30% below nearby renovated units. The 2 most recent turns were lightly upgraded and 2BR leases signed for $2,020/month. Continuing with this the property should generate well over a 5% cap rate. Ownership has spent almost $200,000 in recent years replacing most of the decks, placing a new roof and renovating 5 of the units. There are 14 carports and 5 tuck under parking spaces that could be converted to garages and/or dwelling units. In addition the new owner could initiate a utility reimbursement system to increase the NOI. Increased zoning and density may also allow up to 4 ADUs.
220024840
MLSⓇ ID
September 30, 2022
Listed
February 15, 2024
Updated
Map
991 Postal Way
Vista CA, 92083
Interior Features
Total Stories
2
Bedrooms
2 Beds
Appliances
Dishwasher, Range, Refrigerator
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.92 Acres
Other Property Details
Area Name
North County
Days on Market
20
Garage
No
Parking Total
40
View
No
County
San Diego
Pool
No
Zoning
R-3R
Buyer Agency Compensation
2%
Listed by Marcus & Millichap, Thomas McCartin,
Listing Contact: 858-373-3100
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