2330-2356 Grove Ave, San Diego, CA 92154

2330-2356 Grove Ave, San Diego, CA 92154

San Diego, CA
$18,000,000

Property Description

Country Airre Apartments and Townhomes, located in Southern San Diego, California is a well-maintained 70 unit multifamily community on an expansive  +/- 4.92-acre lot. The asset presents a unique value add opportunity for new ownership. Asking rents within the Southern San Diego region increased 12.2% in 2021 (per CoStar), providing the ability to reset rents to market with unique organic rent growth. The property is well-positioned to benefit from further value add opportunities through enhanced interior and exterior upgrades, resulting in rent premiums in excess of $400 per unit. Situated within the Nestor neighborhood of Southern San Diego, California, Country Airre Apartments is within minutes to the Pacific Ocean, beaches, university campuses, schools, military bases, major employers and nearby to Downtown San Diego, which offers access to an endless supply of shopping, entertainment dining and recreational opportunities.

Country Airre residents have easy access to Interstate 5, Interstate 805 and the Iris Avenue Blue Line Station. There are (32) 1 bedroom 1 bath units and (38) 2 bedroom 1.5 bath townhouse style units with attached one car garages. The units have extra spacious floorplans with the one bedroom units at +/- 700 sq ft and the two bedroom townhouse style units at +/- 1,100 square feet. Interiors feature a combination of vinyl plank flooring, tile and carpet, new window coverings, ceiling fans, patios and/or private fenced yards. The townhome units have washer/dryer hookups inside of the one car attached garage. Additionally there are (10) 10 x 10 and (20) 10 x 20 “for rent” garages. In 2020 twenty three (23) of the units were renovated with new flooring, cabinets and countertops. The community amenities include a large outdoor lounge with fenced-in pool and spa (currently not in use) community recreational room, gas BBQ area with gazebo, and picnic tables. Pets are welcome with additional deposit and pet rent. The community laundry facility features on site app-pay enabled laundry equipment.

The new owner of Country Airre Apartments will be acquiring an ideally located, highly desirable value add multifamily community in the sought after coastal submarket of Southern San Diego California. Minutes to Imperial Beach, San Diego National Wildlife Refuge and nearby employment hubs, as well as quick access to Interstate 5 and 805 this asset represents a unique offering with immediate value add upside.

Property Features

  • Sale Price: $18,000,000
  • Area Size: 65, 960 SF
  • Year Built: 1977
  • Listing Date: March 7, 2022
  • Units: 70
  • Current GRM: 14.54
  • Current Cap Rate: 3.77%
  • Market GRM: 11.42
  • Market Cap Rate: 5.67%

Lyon Stahl Investment Real Estate

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