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$ 6,345,000
Est. payment /mo
New
930 B AVE National City, CA 91950
0.53 Acres Lot
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2504689
HOA Y/N No
Year Built 1971
Lot Size 0.530 Acres
Property Description
930 B Ave National City, "The French Quarters" presents the opportunity to acquire a rarely traded 27 unit garden style asset located in National City's most desirable corridor. The property is located one parcel away from the Historical Landmarks of Brick Row & Heritage Square and within a 3 minute walk of all the activity Kimball Park, E 8th St, and National City Blvd have to offer. The asset possesses both attractive immediate value-add potential on the existing 27 units and significant development potential. The parcel consists of 23,086 SF within the Downtown Specific Plan allowing for 3:1 & 4:1 FAR ratios of multifamily development. 930 B Ave consists of 25 registered units and 2 unregistered units. The unit mix contains (10) 1 Bed / 1 Bath units, (10) 2 Bed / 1 Bath units, (5) 2 Bed / 2 Bath units, and the (2) unregistered studio units converted out of existing non-living square footage. The property possesses an oversized unit average of 765 SF with a huge 5,549 SF of additional existing non-living square footage comprised of 23 garages, 4 storage rooms, the 2 unregistered studio units, and an on-site laundry facility. An investor can pursue a lower intensity value-add play or an all-out full rebuild including major infrastructure systems at a forecasted 8.13% proforma cap rate and 6.10% all in Yield on Cost. Additional return can be gained through ADU development of select garages and storage rooms. All garages adjoin to the interior courtyard. There are no units on the 1st floor of the Western or Northern portion of the property, allowing for ideal ADU garage conversions with potential front door courtyard access. 15 of the 27 units are in renovation ready status allowing for immediate renovations and improvements. The majority of units are in mostly original condition with partial updates. Roughly half of the units could be in attractive market operating condition with minor improvements. The remaining units should receive full renovations to maximize ROI. Existing ownership completed a full roof and underlay replacement in 2024. Electrical and plumbing systems are original from 1971.
Location
State CA
County San Diego
Area 91950 - National City
Zoning National City Downtown Sp
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 23.0
Garage Description 23.0
Pool None
Community Features Curbs
View Y/N No
Total Parking Spaces 25
Private Pool No
Building
Lot Description 21-25 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 5564721400
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition Standard
Listed by Maxwell Brown Commercial Asset Advisors mbrown@caacre.com
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