Las Palmas Apartments benefits from a desirable and convenient location southeast 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 beautiful, tropically landscaped garden setting spread out on a large lot totaling an estimated 12,000 square feet. Originally constructed in 1958, the property has been well maintained by the current long-term owner and has additional valueadd potential through increasing below market rents and interior renovation. Las Palmas Apartments consists of 16 apartment homes and one (1) additional nonconforming studio with a total of 11,853 rentable square feet. The Property’s well-designed floor plans include one studio, 10 one-bedroom/one-bath units, 5 two-bedroom/one-bath units and 1 three-bedroom/one & three qtr-bath unit. The Property provides an array of amenities including controlled access entry, modern laundry facilities, multiple open picnic areas, a large swimming pool, 16 assigned parking spaces and 2 garages.
Las Palmas Apartments provides an opportunity to acquire a mid-sized 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 comparable apartment communities, local shopping, restaurants, as well as having easy access to Interstate 8. With upside in rental income, this offering is perfect for the long-term investor seeking a well-maintained asset with strong future cash flow.