$15950000 Price Analysis   ♡   Vista, CA 92083 Unknown bed None bath 51686 SqFt ($308/SqFt) 3.58 acre lot. Built 1969 Listed 2024-03-01, Taxes $22098 | Ⓧ USDA Ineligible due to price & location near Vista |
The Pine View Apartments
* Has Contingent Offer *A 59-unit multifamily investment opportunity located in Vista, CA. Built in multiple phases between 1964 and 1973, The Pine View Apartments has been held by the same family for multiple decades and is ready for fresh capital and new management to complete full interior and exterior renovations with significant valu add opportunities in management, landscaping, amenities, operations, expenses and income. Situated on over 3.5 acres and across four contiguous parcels, The Pine View Apartments is located off the Civic Center exit of the 78 Freeway. Centrally located between the 5 and 15 Freeways, tenants can conveniently drive to the 15 Freeway (1 1.8 miles) and the 5 Freeway (8.1 miles), allowing access to two major San Diego County arteries for both north and south bound travel. Directly next door to The Pine View Apartments is the Sprinter light rail station, with convenient access to downtown Escondido to the east and Oceanside Transit Center to the west. The investment opportunity comprises of a unit mix of (1) studio, (30) one bedroom, one bath units and (25) two-bedroom one bath units and (3) two-bedroom two bath units.
The units at the Pine View Apartments are mostly classic style units, maintained and repaired as necessary on each turnover. However, over the past twenty-four months, ownership has upgraded a total of thirteen units: (9) one bedroom one bath units, (3) two bedroom, one bath units and (1) two bedroom, two bath unit. All units include modest upgrades of vinyl plank flooring in the kitchen and baths, along with new cabinets and appliances. All the units are electric and offer larger than average floor plans with an estimated 695 square foot one-bedroom units and the two-bedroom units ranging from 950, 1, 000, 1, 025 and 1, 300 square feet. Most, if not all, units feature large balconies, patios or yards. The property features 46 garages, 63 surface and 15 car ports for the tenants, this building is fully parked along with multiple handicap parking spots recently installed. Other amenities include approximately three laundry rooms, a community pool and lush landscaping. The new owner can maximize this exceptional opportunity with renovations of interior, exterior, landscaping, amenities, building a leasing office/gym/storage/ADUs, adding wash/dryer to units, bike storage, EV charging, along with adding additional income through pet rent, storage, RUBS and more. Please contact listing agents for more information.
Presented by Eric Von Bluecher at
Lee & Associates.
Property MLS #NDP2401713 from CRMLS
Additional Parcels: Yes
Lot Description: 16-20 Units/Acre
Lot Size Acres: 3.5795
Lot Size Source: Public Records
Lot Size Square Feet: 155921
Parking Total: 121
County: San Diego
Cap Rate: 4.51
Source Property Type: Residential Income
Area: 92083 - Vista
Source Neighborhood: 92083 - Vista
Number of Separate Electric Meters: 65
Number of Separate Gas Meters: 6
Number of Separate Water Meters: 1
Parcel Number: 1793100300
Zoning: R-4
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2023 | $1042797 + $376559 $1419356 | $22098 |
| 2022 | $1022350 + $369176 $1391526 | $22058 |
| 2021 | $1002304 + $361938 $1364242 | $21584 |
| 2020 | $992027 + $358227 $1350254 | $21402 |
| 2019 | $972576 + $351203 $1323779 | $21129 |
| 2018 | $953506 + $344317 $1297823 | $20394 |
| 2017 | $934810 + $337566 $1272376 | $20132 |
| 2016 | $916481 + $330948 $1247429 | $19683 |
| 2015 | $902715 + $325977 $1228692 | $19540 |
| 2014 | $885033 + $319592 $1204625 | $19105 |
| 2013 | $881034 + $318148 $1199182 | $19082 |
| 2012 | $863759 + $311910 $1175669 | $18791 |
| 2010 | $846823 + $305795 $1152618 | $17897 |
| 2009 | $842492 + $304232 $1146724 | $17657 |
| 2009 | $840495 + $303510 $1144005 | $17657 |
| 2008 | $825973 + $298267 $1124240 | $17174 |
| 2007 | $809778 + $292419 $1102197 | $16646 |
$15950000
CRMLS
Listed 2024-03-01
$17000000
CRMLS
Year Built: 1969
Building Features: 6
Common Walls: 2+ Common Walls
Entry Level: 2
Entry Location: First Floors and Second Story Stairs
Property Age: 55
Property Attached: Yes
Building Total Stories: 2
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.