Photo of Bay Hill Group

Bay Hill Group

DRE# 01512056,01986548

858.344.7154



$5,765,000

  • COMMERCIAL-RES INCOME
  • PENDING
  • MLS# 180053409

Description

Hilltop Apartments is an excellent value add opportunity in the up and coming neighborhood of Lemon Grove. The property features 6 stand alone buildings, each containing 4 units, nestled among mature trees and parklike landscaping with walkways throughout. Units are rented under market value due the the condition of the exterior of the building, but with some cosmetic upgrades there is a clear cut opportunity to significantly raise rents and maximize this property’s earning potential. Hilltop Apartments consists of 24 townhome style apartments with a good unit mix of 2 and 3 bedrooms. The floorplans are functional and inviting with all of the common living space downstairs including a dedicated half bathroom and all of the bedrooms upstairs. Each unit is individually metered for electrical. Property features onsite income producing laundry room, maintenance storage area, and large common picnic area.

Property Details

Property type:
Commercial-Res Income

Location

County:
San Diego

Additional Details

Number of Units:
24
Price Per Unit:
$240,208
Down Payment:
$2,903,701
Gross Equity:
$290,701
Assumable Finance:
$2,861,299
Existing Finance:
Conventional
SqFt of Improvement:
28,776
Assessors Parcel #:
499-181-11-00
Cooling:
Wall/Window
Exterior:
All Auto Sprinklers, Cable Available, Fully Landscaped
Heating Equipment:
Wall
Roof:
Composition
Laundry:
Owned
Parking:
Spaces

Unit Details

Unit 1
Number of Units:
12
Number of Bedrooms:
3
Number of Baths:
2
Unit 2
Number of Units:
12
Number of Bedrooms:
2
Number of Baths:
2

Features

Construction Features:
Frame
Laundry Utilities:
Owned

Listing provided by

SBMI Group
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Lemon Grove

Once known for its orange and lemon groves, the city of Lemon Grove proudly bares its name on a ten-foot wide, 3,000-pound monument of a lemon. Originally built as a parade float in 1928, the town’s motto “Best Climate on Earth” can be found at its base. Just under four square miles, the area of Lemon Grove is bordered by State Route 94 to the north and Route 125 on its easte... Read More

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