2024-2030 Montgomery Ave
5 Unit Apartment Building $4,567,232 CAD ($913,446 CAD/Unit) 4.11% Cap Rate Cardiff By The Sea, CA 92007
INVESTMENT HIGHLIGHTS
- Fantastic cash flow for a North County San Diego apartment property.
- Current 4.11% CAP rate / 5.01% Proforma CAP rate, along with a current 17.09 GRM / Proforma 14.73 GRM.
EXECUTIVE SUMMARY
Top Gun CRE, Inc. is pleased to present 2024-30 Montgomery Ave. Apartments, an exclusive coastal multifamily rental property in the exclusive Cardiff-by-the-Sea community and located west of Interstate 5. The subject property financials are also extremely attractive for a prime coastal rental property with a current 4.11% CAP rate / 5.01% Proforma CAP rate, along with a current 17.09 GRM / Proforma 14.73 GRM.
The subject property is comprised of roughly 3,050 SF living space with a total of five units. The approximately 4,984 SF lot provides five surface parking spaces accessed from the rear alley along with spacious common area along the front and side of the property for tenants to enjoy a barbecue and other social activities. The current unit mix includes (1) two bedroom / one bath unit, (3) one bedroom / one bath units, and (1) studio unit. The building was built in 1977, and all units were completely renovated approximately eight years ago by the previous owner. The current owner has maintained all the interiors, exterior, and common areas in meticulous condition.
The subject property is also within very close walking distance to some of the very best amenities that Cardiff-by-the-Sea has to offer tenants. For example, the San Elijo State Beach is only a few blocks to the west along with shopping and eating options such as Best Pizza & Brew, Cardiff Seaside Market, Chase Bank, Cardiff Library, Post Office, 7-Eleven, and more local businesses.
Finally, this central coastal location provides extremely quick and easy access to Interstate 5, and only a short commute to many of the major activities in the North
County San Diego such as the Carlsbad Premium Outlets, Encinitas Ranch Golf Course, Swami’s Beach, Del Mar Racetrack, and numerous shopping and eating options up and down the 101.
In summary, this is a fantastic investment opportunity for an owner that values North County coastal assets which historically bring higher rents and offer top-tier amenities and lifestyles for their tenants.
Note: 2% Buyer's Broker Fee Offered.
The subject property is comprised of roughly 3,050 SF living space with a total of five units. The approximately 4,984 SF lot provides five surface parking spaces accessed from the rear alley along with spacious common area along the front and side of the property for tenants to enjoy a barbecue and other social activities. The current unit mix includes (1) two bedroom / one bath unit, (3) one bedroom / one bath units, and (1) studio unit. The building was built in 1977, and all units were completely renovated approximately eight years ago by the previous owner. The current owner has maintained all the interiors, exterior, and common areas in meticulous condition.
The subject property is also within very close walking distance to some of the very best amenities that Cardiff-by-the-Sea has to offer tenants. For example, the San Elijo State Beach is only a few blocks to the west along with shopping and eating options such as Best Pizza & Brew, Cardiff Seaside Market, Chase Bank, Cardiff Library, Post Office, 7-Eleven, and more local businesses.
Finally, this central coastal location provides extremely quick and easy access to Interstate 5, and only a short commute to many of the major activities in the North
County San Diego such as the Carlsbad Premium Outlets, Encinitas Ranch Golf Course, Swami’s Beach, Del Mar Racetrack, and numerous shopping and eating options up and down the 101.
In summary, this is a fantastic investment opportunity for an owner that values North County coastal assets which historically bring higher rents and offer top-tier amenities and lifestyles for their tenants.
Note: 2% Buyer's Broker Fee Offered.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | $4,567,232 CAD |
| Price Per Unit | $913,446 CAD |
| Sale Type | Investment |
| Cap Rate | 4.11% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 17.09 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 3,050 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2016 |
| Parking Ratio | 1.64/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | - | 700 - 750 |
| 2+1 | 1 | - | 1,000 |
1 of 1
Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 260-382-50 | Improvements Assessment | $795,991 CAD (2024) |
| Land Assessment | $3,573,850 CAD (2024) | Total Assessment | $4,369,841 CAD (2024) |
ZONING
| Zoning Code | R-15 |
