141-155 Cherry Ave

ACRE Investment Real Estate Services is proud to present the Cherry Apartments located in the desirable beach community of Carlsbad, California. This 17-unit apartment investment was built in 1959 and consists of 14 one-bedroom/one-bath units, 1 two-bedroom/one-bath house, and 2 non-conforming studios. These units are located on three adjoining parcels. The property amenities include o?-street parking, lush tropical landscaping, small yards/patios in select units, balconies, and on-site laundry. The interiors feature gas appliances and dual-pane windows. There are storage closets in the carport area and ocean views from some of the units.
The property has been well maintained and professionally managed and shows a true pride of ownership. The property’s proximity to the ocean is a great draw for potential renters and results in premium rental rates for each unit. The location of the property is less than 1/2 a block from one of the most desirable beaches in Southern California. It is also a short distance to restaurants, premier shopping malls, and major employers. The Cherry Apartments is a rare investment asset that will provide future appreciation opportunities and steady cash ?ow for years to come.
There are several opportunities for an investor looking to add value:
* Remodel and update the interiors of the units and raise rents by $300/$400 per unit.
* Remodel the units in rent some or all as short-term vacation rentals.
* Scrape the existing structures and build 8 multi-million dollar townhomes
* Leave as is and enjoy future appreciation due to the proximity to the beach.