ACRE Investment Real Estate Services is pleased to present the Amherst Apartments (the “Property”), an attractive rental community that presents real estate investors the opportunity to acquire a stabilized real estate asset with upside in rental income in San Diego’s College Area. The property is being offered free of debt encumbrances.
The Amherst Apartments benefit from a desirable and convenient location just south of Interstate 8 in San Diego’s East County. The property is nestled in a valley surrounded by mountains in an area characterized by quiet residential communities and neighborhood retailers.
The Property consists of a lushly landscaped garden setting spread on a corner lot totaling 7,937 sq ft. Constructed in 1986, the property has been well-maintained by current ownership. The Property has been run both as student housing and market rate rentals. The asset has additional value-add potential through renting single rooms to college students, which has historically increased the market rate income by almost 20%. The Amherst Apartments consist of 6 apartment homes with a total of 4,992 rentable square feet in one (1) residential building. The Property’s well-designed floor plans include 6 four-bedroom, two-bath units of 832 square feet. The Property provides nine (9) on-site parking spots and select unit upgrades, like renovated kitchens.
The Property provides an opportunity to acquire a multifamily asset in one of the highest demand rental submarkets in San Diego County. The new owner will enjoy the security of having the property situated near San Diego State University, comparable apartment communities, local shopping, restaurants, as well as having easy access to Interstate 8, Highway 94, Interstate 805 and Interstate 15. With upside in rental income both at market rental rates and student housing, this offering is perfect for the long term investor seeking a pride of ownership asset with a strong current and future cash flow.