Limoncello | 1790 Dayton Dr
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Limoncello 1790 Dayton Dr
24 Unit Block of Flats £3,990,495 (£166,271/Unit) 5.47% Net Initial Yield Lemon Grove, CA 91945
Investment Highlights
- Renovated in 2014, with additional rental upside
- Convenient access to Imperial Avenue, Downtown, and the 94 and 805 freeways
- Desirable unit-mix of studio and one-bedroom / one-bathroom floorplans
- Ample off-street parking for residents
Executive Summary
We are pleased to present for sale, Limoncello, a 24-unit value-add community located in Lemon Grove, California. Built in 1995 on 0.52 acres, the property features a unit mix comprised of fifteen (15) studio units averaging 290 square feet and nine (9) one-bedroom / one-bathroom units averaging 402 square feet.
1790-1822 Dayton Dr features ample off-street parking, on-site laundry facilities, BBQ area, a common area garden, and on-site maintenance. Residents enjoy quick access to Imperial Avenue and major thoroughfares through Jamacha-Lomita and Encanto neighborhoods. Renovated in 2014, the recently renovated units feature hardwood floors, air conditioning, and patios or balconies. MTS Trolley line and bus services are conveniently located 2.0 miles away at the intersection of Massachusetts Avenue and Imperial Avenue, providing residents a convenient ride into downtown San Diego and nearby labor markets. Value-add sales continue to be a popular target in this submarket for local and private investors.
Backed by emerging apartment fundamentals in the submarket, proximity to major employment centers, and the property’s true value add potential, the property is a perfect opportunity for an investor to gain a foothold into the submarket’s emerging growth.
1790-1822 Dayton Dr features ample off-street parking, on-site laundry facilities, BBQ area, a common area garden, and on-site maintenance. Residents enjoy quick access to Imperial Avenue and major thoroughfares through Jamacha-Lomita and Encanto neighborhoods. Renovated in 2014, the recently renovated units feature hardwood floors, air conditioning, and patios or balconies. MTS Trolley line and bus services are conveniently located 2.0 miles away at the intersection of Massachusetts Avenue and Imperial Avenue, providing residents a convenient ride into downtown San Diego and nearby labor markets. Value-add sales continue to be a popular target in this submarket for local and private investors.
Backed by emerging apartment fundamentals in the submarket, proximity to major employment centers, and the property’s true value add potential, the property is a perfect opportunity for an investor to gain a foothold into the submarket’s emerging growth.
Property Facts
| Price | £3,990,495 | Apartment Style | Low Rise |
| Price Per Unit | £166,271 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.52 AC |
| Net Initial Yield | 5.47% | Building Size | 7,794 SF |
| Gross Rent Multiplier | 11.65 | Average Occupancy | 100% |
| No. Units | 24 | Number of Floors | 1 |
| Property Type | Residential | Year Built/Renovated | 1995/2014 |
| Property Subtype | Apartment | Parking Ratio | 2.05/1,000 SF |
| Price | £3,990,495 |
| Price Per Unit | £166,271 |
| Sale Type | Investment |
| Net Initial Yield | 5.47% |
| Gross Rent Multiplier | 11.65 |
| No. Units | 24 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 7,794 SF |
| Average Occupancy | 100% |
| Number of Floors | 1 |
| Year Built/Renovated | 1995/2014 |
| Parking Ratio | 2.05/1,000 SF |
Unit Amenities
- Kitchen
- Wooden Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Tenant Controlled HVAC
- Grill
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 15 | - | 246 - 318 |
| 1+1 | 9 | - | 373 - 430 |
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PROPERTY TAXES
| Parcel Number | 577-080-23 | Improvements Assessment | £1,772,202 |
| Land Assessment | £1,797,018 | Total Assessment | £3,569,219 |
PROPERTY TAXES
Parcel Number
577-080-23
Land Assessment
£1,797,018
Improvements Assessment
£1,772,202
Total Assessment
£3,569,219
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Limoncello | 1790 Dayton Dr
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