637 10th St 6 Unit Apartment Building $2,741,892 CAD ($456,982 CAD/Unit) 3.88% Cap Rate Imperial Beach, CA 91932

It is an honor to present for sale the six (6) unit apartment property at 637 10th Street in Imperial Beach, adjacent the Dolphin Bay neighborhood, close to the Bayshore Bikeway and several neighborhood retail centers. The unit mix consists of four (4) one-bedroom/one-bathroom units and two (2) three-bedroom/two-bathroom units, two of which have private patios/balconies and/or have been updated with vinyl plank flooring. Units are spacious, and the property has a total of eleven (11) surface off-street parking spaces, as well as a laundry room on-site.
Built of wood-frame construction upon a concrete slab foundation with a flat roof and stucco exterior, with screen doors and aluminum frame windows. The apartment building is separately metered for electricity and master metered for gas. Inside, the units have radiant heat and a standard appliance packages.
An opportunity exists to modernize the apartments with higher-end finishes, fixtures and appliances, sufficient to justify higher rents and much improved operating performance, in line with upgraded multifamily units in the immediate area.
Owned by the same family for around 20 years, this is a rare opportunity with upside potential, in the desirable northerly (Dolphin Bay) section of Imperial Beach, near the Bayshore Bikeway, providing easy access to Sliver Strand and Coronado beaches. The property is also close to the beach (11 blocks) and its vibrant retail scene, with an array of breweries and restaurants.