$17,500,000

  • COMMERCIAL-RES INCOME
  • SOLD
  • MLS# 180017158

Description

Palm Spring Apartments consists of 75 apartment units and is situated on 3.59 acres or 156,380.4 Sq. Ft. Lot with 68,164 Sq. Ft. of rentable space. Currently the property offers very large units with large balcony’s, most units have hardwood floors throughout, tile in kitchen and bathrooms, remodeled kitchens, 25 with granite and stainless-steel appliances, equipped with dishwasher, central heating and air-conditioning. Property enjoys very low vacancy rate due to size and condition of units. Luscious landscaping with about 120 mature trees, park like quiet setting, refreshing swimming pool and great views. Conveniently located near La Mesa Village. Close to 94, 125, and 8 freeways. The Spring St. Trolley is very close to the complex. Collier Park is across the street and offers tennis courts, picnic areas, and playgrounds for kids.

Property Details

Property type:
Commercial-Res Income
Age of Building:
39
Acreage:
4
Number of Buildings:
10
Number of Stories:
2
Total Number of Parking Spaces:
128

Location

County:
San Diego

Additional Details

Number of Units:
75
Number of Stories:
2
Total Monthly Rent:
$115,000
Price Per Unit:
$250,000
Down Payment:
$5,625,000
Gross Equity:
$18,750,000
Existing Finance:
Clear
SqFt of Improvement:
68,164
Lot Square Footage:
15,380
Assessors Parcel #:
499-020-37-00
Tenant Pays Electric:
Yes
Units with Dishwasher:
75
Units with Disposals:
75
Units with Drapes:
75
Units with Ranges:
75
Units with Refrigerator:
75
Flood Zone:
Hazard Unknown
Geological Hazard Zone:
Hazard Unknown
Cooling:
Central Forced Air Elec
Exterior:
All Auto Sprinklers, Fully Landscaped, Metal Fence, Part Fenced, Wood Fence
Heating Equipment:
Central Forced Air Elec
Roof:
Composition, Rock/Gravel
Laundry:
Owned
Parking:
Spaces

Unit Details

Unit 1
Number of Units:
45
Number of Bedrooms:
2
Number of Baths:
2
Rent:
$1,720
Unit Rental Total:
$70,875
Unit 2
Number of Units:
14
Number of Bedrooms:
2
Number of Baths:
1
Rent:
$1,650
Unit Rental Total:
$22,050
Unit 3
Number of Units:
4
Number of Bedrooms:
1
Number of Baths:
1
Rent:
$1,500
Unit Rental Total:
$5,550
Unit 4
Number of Units:
12
Number of Bedrooms:
1
Number of Baths:
1
Rent:
$1,400
Unit Rental Total:
$15,600

Features

Amenities:
BBQ, Exercise Room, Sauna
Floor Coverings:
Hardwood, Tile, Vinyl, Wall to Wall Carpet
Construction Features:
Drywall, Frame, Stucco
Laundry Utilities:
Owned

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La Mesa

La Mesa is a mid-size city just a few miles east of the Pacific coastline with around 59,000 residents. The community offers a charming, all-American feel with an Antique Street Fair, “Back to the 50s” car show, Oktoberfest, Flag Day parade and Christmas in the Village. Two school districts oversee public schools in the area, including a charter high school, and there are also... Read More

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