For Sale
$12,500,000

380 Plymouth DrVista, CA 92083

32-Unit Multifamily Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 32-unit apartment building in Vista, California, presents a compelling investment opportunity. Boasting 27,168 square feet on a 63,162 square foot lot, the property features a mix of 19 two-bedroom, two-bathroom units (950 sq ft each) and 13 one-bedroom, one-bathroom units (750 sq ft each). Built in 1986, the complex includes 32 covered carports and 19 open parking spaces. Recent upgrades include balcony maintenance and resealing, and new roof underlayment. The property currently benefits from a significant value-add potential due to below-market rents on mostly month-to-month leases. The asking price is $12,500,000, representing $390,625 per unit and $460.10 per square foot. The current Net Operating Income (NOI) is $421,834, yielding a 3.37% cap rate, while the pro-forma NOI is projected at $695,019, resulting in a 5.56% pro-forma cap rate. Conveniently located a short walk from Vista's restaurants and shops, and a 15-minute drive to local beaches via I-78, this property offers strong potential for immediate and long-term returns. The property's excellent condition and prime location make it an attractive investment for discerning buyers.

Highlights

  • $12,500,000 asking price for a 32-unit apartment building in Vista, CA.
  • 27,168 square feet, offering $460.10 per square foot.
  • 3.37% current cap rate, with a pro-forma cap rate of 5.56%.
  • $421,834 current NOI, projected to increase to $695,019.
  • 32 units, averaging $390,625 per unit.
  • Built in 1986, situated on a 63,162 square foot lot.

Property Details for 380 Plymouth Dr

Property type
Apartment buildings
Square Feet
27,168 SF
Year Built
1986
Units
32

Location Insight

City
Vista
County
San Diego
State
California
Latitude
33.2032818
Longitude
-117.2517547
380 Plymouth Dr, Vista, California

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380 Plymouth Dr
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