711 Franklin Ln, Vista, CA 92084
10 Unit Apartment Building | $3,395,000 ($339,500/Unit) | 4.58% Cap Rate | Vista, CA 92084
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,395,000
- Property Type
-
Multifamily
- Square Feet
- 10,915 SF
Listing Contacts
Brendan Flynn
Verified Profile
Cody Evans
Verified Profile
- Property Info
Property Overview
Vista Monica is a 10 unit value-add apartment complex with tremendous upside. Built in 1986, the property features ten extra large 2 bed/2 bath units (approx 1090 sf) 2 bedroom/2 bath units that include patios/ balconies, along with a garage & storage space for each unit in addition to a dedicated open parking space. Additionally the units feature fireplaces. Consisting of primarily long-term quality tenants, there is considerable rental upside for future ownership. On site coin operated laundry (owned) provides additional income and a convenience for tenants. Recent capital improvements include new electric sub panels in every unit. There is currently an existing loan with Chase Bank at 3.52% and a balance of approximately $1,450,000 set to adjust in late 2026 and which can be assumed by a new buyer.
Property Details
- Class
- C
- Year Built
- 1986
- Stories
- 2
- Lot Size (sq. ft)
- 28,750 SF
- Units
- 10
Highlights
- Ten garages total + ten surface parking spots
- Massive units (1,090 sq ft)
- Assumable loan at 3.53% fixed through 2026 with Chase Bank
- Rental upside at every lease turn (20% upside)
- In unit fireplaces & balconies
- Laundry (owned) on site
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