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Alexander Pfleger
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P: 858.483.4687
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3240 Olive
Lemon Grove, California CA 91945
Price: $10,750,000
PENDING Status, Bedrooms, Full Baths
75,794 SqFt , 1.740 Acres
Listing ID # 190015016

Property Description:

The Olive Avenue Apartments are ideally located in Lemon Grove just 3 blocks from the Lemon Grove Trolley Depot. The 50 spacious apartments are made up of 34-1BR/1BA units and 16-2BR/1BA units and average 796sf each. 15 of the 50 units have been substantially upgraded over the past year. The owner has spent over $290,000 upgrading the property since 2015 with improvements such as: New Silicone Roof, New Energy Efficient Windows, New 100 Gallon Water Heaters, New Coinless Washers/Dryers, New Interior Upgrades to 15 Units, New Water Treatment System, and New Asphalt & Concrete Work. Easy access from the property to the 94, 805, & 125 Freeways make this property an attractive option for renters who commute. Ideally located just a short 8 miles to Downtown San Diego and 12 miles to the Pacific Ocean.

Primary Features

Market Area: East County
Number of Units: 50
Construction: Drywall, Frame, Stucco
Exterior: Fully Landscaped
Amenities: Heated Pool
Parking: Spaces

Interior Features

Floors: Slab
Number of Baths (1): 1
Number of Baths (2): 1
Number of Bedrooms (1): 1
Number of Bedrooms (2): 2
Stories: 2 Story

External Features

Entry Only: No
Lot Size: 1.5 through 2.5 Acres

Location Information

Zip/Area: LEMON GROVE (91945)

Financial Details

Actual Cash Flow: 120910
Actual Cash on Cash: 3.0
Actual Gross Oper Income: 813816
Actual Gross Scheduled Income: 830424
Actual Operating Expense: 268050
Actual Total P&I Pay: 424856
Actual Vacancy & Credit Loss: 16608
Assessors Parcel Number: 480-171-18-00
Cap Rate Actual: 5.1
Cap Rate Projected: 6.4
Fiscal Year From: 18
Fiscal Year To: 19
Gross Equity: 3000000
Gross Multiplier: 12.9
Monthly Rent Total: 66512
Other Income Amount: 2690
Price per SqFt of Improvements: 269.83
Price/Unit: 215000
Projected Annual P & I Expense: 424856
Projected Cash Flow: 266005
Projected Cash on Cash: 7.0
Projected Gross Multiplier: 11.0
Projected Gross Operating Income: 958910
Projected Gross Scheduled Income: 978480
Projected Net Income: 690860
Projected Operating Expense: 268050
Projected Vacancy & Credit Los: 19570
Sale/Rent: For Sale
Tenant Pays Electric: y
Tenant Pays Gas: y
Tenant Pays Water: n
Terms: Cash to New Loan
Unit Rent (1): 1240
Unit Rent (2): 1552
Unit Rent Total (1): 42160
Unit Rent Total (2): 24352

Additional

Age: 1980
Association ID: San Diego Association of REALTORS (SDAR)
Financial Info Source: Owner
Have: 50 well maintained units
Mandatory Remarks: None Known
Number of Stories: 2
Number of Units (1): 34
Number of Units (2): 16
Other Income Source: Rubs Laund
Sales Restrictions: N/K
SqFt of Improvement: 39840
SqFt Source: Owner
Unit Type: Apartment

Zoning Info


Listing courtesy of Apartment Consultants, Inc.
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) services provided by SDMLS and CRMLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. © 2019 San Diego Multiple Listing Service, Inc. © 2019 California Regional Multiple Listing Service. Data updated on Monday, July 22nd, 2019 05:32:15 AM.

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The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited.

Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2019-05-20

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