Seller's Agent in 2022
Mike McKinney
Lyon Stahl Investment Real Estate, Inc.
(310) 880-2900
1 in this area
19 Total Sales
2330 Grove Ave San Diego, CA 92154
Nestor Neighborhood
3
Beds
3
Baths
65,960
Sq Ft
4.92
Acre Lot
Highlights
- In Ground Pool
- Property is near park and public transit
- Park
- 4.92 Acre Lot
- Hiking Trails
- Tile Flooring
About This Home
As of May 2022Country 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 and yards. 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 (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.
Last Agent to Sell the Property
Lyon Stahl Investment Real Estate, Inc. License #00634672 Listed on: 03/09/2022
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1970
Lot Details
- 4.92 Acre Lot
- Two or More Common Walls
- Sprinkler System
- Density is 11-15 Units/Acre
Parking
- 68 Car Garage
- 71 Open Parking Spaces
- Parking Available
- Front Facing Garage
- Single Garage Door
- Parking Lot
- Off-Street Parking
- Unassigned Parking
Home Design
- Apartment
Interior Spaces
- 65,960 Sq Ft Home
- 2-Story Property
Flooring
- Carpet
- Laminate
- Tile
Bedrooms and Bathrooms
- 3 Bedrooms
- 3 Bathrooms
Laundry
- Laundry in Garage
- Leased Washer and Dryer
Outdoor Features
- In Ground Pool
- Exterior Lighting
Location
- Property is near park and public transit
Utilities
- Heating Available
- Natural Gas Connected
Listing and Financial Details
- Tenant pays for electricity
- Tax Lot 1
- Tax Tract Number 11252
- Assessor Parcel Number 6340204500
- $218 per year additional tax assessments
Community Details
Overview
- 14 Buildings
- 70 Units
- South Sd Subdivision
- Military Land
- Property is near a preserve or public land
Amenities
- Laundry Facilities
Recreation
- Community Pool
- Park
- Hiking Trails
- Bike Trail
Building Details
- 69 Leased Units
- Rent Control
- 71 Separate Electric Meters
- Electric Expense $72,739
- Insurance Expense $53,053
- Other Expense $186,769
- New Taxes Expense $209,778
- Operating Expense $522,339
- Gross Income $1,237,548
- Net Operating Income $678,851
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Home Values in the Area
Average Home Value in this Area
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 05/19/2022 05/19/22 | Sold | $20,000,000 | +11.1% | $303 / Sq Ft |
| 04/05/2022 04/05/22 | Pending | -- | -- | -- |
| 03/09/2022 03/09/22 | For Sale | $18,000,000 | -- | $273 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Agents Affiliated with this Home
-
Mike McKinney
-
Nancy Bush
Seller Co-Listing Agent in 2022
Nancy Bush
Lyon Stahl Investment Real Estate, Inc.
(310) 849-9210
1 in this area
20 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB22045469
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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