NOT LISTED FOR SALE
2 Beds
1 Bath
18,460 Sq Ft
0.65 Acre Lot

Sale Details

Date Sold: September 25, 2024

Last sale price $13,150,000 $712 Per Sq Ft

116 Days on Market

Highlights

  • Ocean View
  • No HOA
  • Park
  • 0.65 Acre Lot
  • Community Pool
  • Laundry Facilities

About This Home

As of September 2024

Gorgeous 21 unit Apartment complex in Downtown Encinitas on the bluffs overlooking the Ocean, and Swami's surf spot. Same Ownership for last 20 years. Units have been renovated to various extent over last 20 years but there is upside if the Buyers want to improve further and add w/d to each unit. Last 2Br condo sale in the neighborhood $2.85m. Newer pitched comp roof, water pipes replaced in 2003, pool and pool area renovated in last 2 years, newer windows, new 2nd floor deck going in now. Close to all the restaurants, shops, theater, banks, yoga studios, and train station on or near HWY 101.

Last Agent to Sell the Property

Will Creagan

Southwest Equity Partners Brokerage Email: willc@southwestep.com License #00949450 Listed on: 01/05/2024

Last Buyer's Agent

Alex Knutson

Alex Knutson, Broker License #01860265

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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1960

Lot Details

  • 28,314 Sq Ft Lot
  • 1 Common Wall
  • Density is 31-35 Units/Acre

Property Views

  • Ocean
  • Bluff
  • Park or Greenbelt

Home Design

  • Property Attached
  • Entry on the 1st floor
  • Composition Roof
  • Stucco

Interior Spaces

  • 18,460 Sq Ft Home
  • 2-Story Property
  • Leased Washer and Dryer

Kitchen

  • Gas Oven or Range
  • Gas Cooktop
  • Range Hood
  • Recirculated Exhaust Fan
  • Microwave
  • Dishwasher

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 1 Bathroom

Home Security

  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Parking

  • 27 Open Parking Spaces
  • 27 Parking Spaces
  • Parking Available
  • Driveway

Outdoor Features

  • Solar Heated Pool
  • Exterior Lighting
  • Rain Gutters

Utilities

  • No Heating
  • Gas Water Heater
  • Cable TV Available

Listing and Financial Details

  • Tenant pays for HVAC maintenance
  • Legal Lot and Block 258 / 172
  • Tax Tract Number 19
  • Assessor Parcel Number 2581721900
  • $1,636 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 21 Units

Amenities

  • Laundry Facilities

Recreation

  • Community Pool
  • Park
  • Water Sports

Building Details

  • 20 Leased Units
  • 22 Separate Electric Meters
  • 22 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $12,828
  • Insurance Expense $12,667
  • Professional Management Expense $36,985
  • Trash Expense $3,773
  • Water Sewer Expense $2,854
  • New Taxes Expense $165,091
  • Operating Expense $298,012
  • Gross Income $17,409
  • Net Operating Income $626,607

Property Details

Home Type

Multi-Family

Year Built

Built in 1960

Lot Details

0.65 Acres

Listing Details

  • Assessments: No
  • CapRate: 4.04
  • Professional Management Expense: 36985.00
  • Property Attached: Yes
  • Security: Carbon Monoxide Detector(s), Fire and Smoke Detection System
  • View: Yes
  • Water Sewer Expenses: 2854.00
  • Zoning: D-R25
  • Property Type: Residential Income
  • Parcel Number: 2581721900
  • Year Built: 1960
  • AgentOnly_SellerConsiderConcessionYN: No
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: No
  • Stories: 2
  • Common Walls: 1 Common Wall
  • Appliances: Yes
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 712.35

Exterior Features

  • View: Bluff, Ocean, Park/Greenbelt, Water
  • Fence: No
  • Pool Features: Community, Solar Heat
  • Pool Private: No
  • Roof: Composition
  • Spa: No
  • Construction Materials: Stucco

Garage/Parking

  • Parking: Yes
  • Parking Features: Asphalt
  • Total Parking Spaces: 27.00
  • Uncovered Spaces: 27.00

Utilities

  • Utilities: Natural Gas Available, Cable Connected, Electricity Connected
  • Heating: No
  • Laundry: Yes
  • Appliances: Dishwasher, Gas & Electric Range, Gas Cooking, Gas Oven, Gas Cooktop, Gas Water Heater, Microwave, Range Hood, Recirculated Exhaust Fan, Refrigerator
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Trash Expense: 3773.00

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Gutters, Sidewalks, Storm Drains, Street Lights, Park, Watersports

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 31-35 Units/Acre
  • Lot Size: .65 Acres
  • Lot Size Sq Ft: 28314.00
  • Lot Size Acres: 0.6500

Rental Info

  • Tenant Pays: HVAC Maintenance

Multi Family

  • Average2 Bed Area: 873 Square Feet
  • Electric Expense: 12828.00
  • Gross Income: 17409.00
  • Gross Multiplier: 16.27
  • Gross Operating Income: 924619.00
  • Gross Scheduled Income: 952627.00
  • Gross Spendable Income: 626607.00
  • Insurance Expense: 12667.00
  • Laundry Equipment Own Lease: Lease
  • Lot Size Area: 0.6500 Acres
  • Net Operating Income: 626607.00
  • Number Of Separate Electric Meters: 22
  • Number Of Separate Gas Meters: 22
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 20
  • Number Of Units Total: 21
  • Number With Dishwasher: 21
  • Number With Disposal: 21
  • Number With Drapes: 21
  • Number With Patio: 10
  • Number With Range: 21
  • Number With Refrigerator: 21
  • Operating Expense: 298012.00
  • Rent Control: No
  • Total Expenses: 298012.00
  • Vacancy Allowance Rate: 3.03

Tax Info

  • New Taxes Expense: 165091.00
  • Tax Block: 172
  • Tax Lot: 258
  • Tax Rate: 1.06
  • Tax Tract Number: 19
  • TaxOtherAnnualAssessmentAmount: 1636.12

Ownership 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 Name Owned For Owner Type

Purchase Details

Listed on
Jan 5, 2024
Closed on
Aug 9, 2024
Sold by
Bought by
Seller's Agent
Will Creagan
Southwest Equity Partners
Buyer's Agent
Alex Knutson
Alex Knutson, Broker
List Price
$15,500,000
Sold Price
$13,150,000
Premium/Discount to List
-$2,350,000
-15.16%
Views
187

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$7,750,000
Interest Rate
6.49%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jun 20, 2012
Sold by
Bought by

Purchase Details

Closed on
Dec 31, 2008
Sold by
Bought by

Purchase Details

Closed on
Jan 31, 2006
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$3,390,000
Interest Rate
6.04%
Mortgage Type
Commercial

Purchase Details

Closed on
Mar 12, 2003
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,613,000
Interest Rate
5.96%
Mortgage Type
Construction

Purchase Details

Closed on
Jan 15, 2003
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,613,000
Interest Rate
5.96%
Mortgage Type
Construction

Purchase Details

Closed on
Sep 2, 1998
Sold by
Bought by

Purchase Details

Closed on
Aug 14, 1992

Purchase Details

Closed on
Sep 18, 1987
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase 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 Buyer Sale Price Title Company
$13,150,000 Corinthian Title
-- Accommodation
-- None Available
-- None Available
-- Chicago Title
$4,020,000 Chicago Title
-- Chicago Title Co
$2,150,000 Chicago Title Co
$1,900,000 --
$1,625,000 --
Source: Public Records

Mortgage 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 Status Borrower Loan Amount
Previous Owner $7,750,000
Previous Owner $250,000
Previous Owner $3,900,000
Previous Owner $3,390,000
Previous Owner $2,613,000
Previous Owner $2,000,000
Previous Owner $1,700,000
Source: Public Records

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
09/25/2024 09/25/24 Sold $13,150,000 -6.1% $712 / Sq Ft
04/25/2024 04/25/24 Price Changed $14,000,000 -9.7% $758 / Sq Ft
01/05/2024 01/05/24 For Sale $15,500,000 -- $840 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax 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.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2026 $143,330 $13,413,000 $9,180,000 $4,233,000
2025 $143,330 $13,150,000 $9,000,000 $4,150,000
2024 $62,189 $5,710,326 $4,483,439 $1,226,887
2023 $60,674 $5,598,360 $4,395,529 $1,202,831
2022 $59,472 $5,488,590 $4,309,343 $1,179,247
2021 $58,712 $5,380,972 $4,224,847 $1,156,125
2020 $57,974 $5,325,798 $4,181,527 $1,144,271
2019 $56,784 $5,221,372 $4,099,537 $1,121,835
2018 $55,669 $5,118,993 $4,019,154 $1,099,839
2017 $54,683 $5,018,622 $3,940,348 $1,078,274
2016 $52,945 $4,920,219 $3,863,087 $1,057,132
2015 $52,219 $4,846,313 $3,805,060 $1,041,253
2014 $51,216 $4,751,382 $3,730,525 $1,020,857
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: NDP2400124

California Regional Multiple Listing Service (CRMLS)

APN: 258-172-19-00

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