727 Boulevard AveImperial Beach, CA 91932

This exceptional value-add multifamily investment opportunity presents two adjacent, two-story apartment buildings totaling 14 units in Imperial Beach, California. Situated on a 15,947 square foot lot (APN: 626-021-26-00, 626-021-25-00), the property boasts 11,040 square feet of net rentable space, currently achieving 100% occupancy. The complex comprises twelve 2-bedroom/1-bathroom units and two 2-bedroom/1.5-bathroom townhomes, all featuring all-important 2-bedroom floorplans. Residents enjoy amenities including 19 off-street parking spaces and access to two shared laundry rooms. Recent upgrades include a new roof, improved plumbing, dual-pane windows, and updated kitchens and bathrooms in select units. The property is zoned I-7 and offers unobstructed panoramic views. Currently generating a NOI of $205,041, with a pro-forma NOI of $361,268, this property presents a compelling 4.10% cap rate and a pro-forma cap rate of 7.23%. The asking price is $5,000,000, translating to $357,143 per unit and $452 per square foot. The land value alone is $313 per square foot. Located in the desirable Dolphin Bay neighborhood, this investment benefits from strong tenant demand driven by proximity to Coronado's Naval Amphibious Base and Chula Vista's significant Bayfront redevelopment project. This is a rare opportunity to acquire a well-located, value-add multifamily property with significant upside potential. Built in 1973.