Renovated Six-Unit Multifamily
1147 Grove Avenue Imperial Beach, CA 91932
1147 Grove Avenue, Imperial Beach, CA, 91932
$2,795,000
For Sale
$2,795,000
Six recently renovated units feature air conditioning, updated interiors, and 12 surface parking spaces.
Property Size6,366 SF
Lot Size0.46 Acres
Price / SF$439.05
Days on Market153
Property Features for 1147 Grove Avenue
General Information
- Standard status
- Active
- Size
- 6,366 SF
- Lot size
- 0.46 Acres
- Property subtype
- Commercial-Res Income / Com-Res Income
Listing agency
CBRE
(858) 248-1222
Listed by
Nate Pepper · License #01993739
(858) 248-1222
Source
Compass
Added: Feb 18 Updated: Jul 21 at 4:06AM Checked: Jul 21 at 4:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE
Investment Insights
Based on property information with market context.
1147 Grove Avenue is a recently renovated six-unit multifamily property with a mix of front and rear residences. The asset includes a large front home on Grove Avenue plus five apartment units located in the back. Renovations completed in 2024 modernized unit interiors and the exterior, including hard surface countertops, new appliances, new cabinetry, vinyl plank flooring, air conditioning, exterior paint and stucco, a new roof, new electrical systems, and updates to the pool and pool area. Three of the units are furnished.
The property is situated on a 20,129 square foot lot with a total of 12 surface parking spaces. Parking improvements include re-slurrying and striping.
Unit mix consists of four three-bedroom, one-bath units; one two-bedroom, one-and-a-half-bath townhouse; and one three-bedroom, two-bath detached house at the front of the property.
The property is situated on a 20,129 square foot lot with a total of 12 surface parking spaces. Parking improvements include re-slurrying and striping.
Unit mix consists of four three-bedroom, one-bath units; one two-bedroom, one-and-a-half-bath townhouse; and one three-bedroom, two-bath detached house at the front of the property.
Key Highlights
- Recently renovated 6‑unit property with 2 buildings on a 20,129 SF lot in Imperial Beach
- Extensive 2024 renovations include new roof, new electrical systems, air conditioning, and updated interiors
- Unit mix: four 3BR/1BA units plus a 2BR/1.5BA townhouse and a 3BR/2BA detached front house
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $202.4k | $31.80 |
| − Vacancy | −$10.1k | −$1.59 |
| EGI | $192.3k | $30.21 |
| − OpEx | −$86.5k | −$13.59 |
| NOI | $105.8k | $16.62 |
6,366 SF · lease $31.80/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,774 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.92M
$2.55M – $3.40M
NOI $204,168 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Imperial Co.
Corporate Office
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Six recently renovated units feature air conditioning, updated interiors, and 12 surface parking spaces.
Where is this apartment building located?
The property is located at 1147 Grove Avenue Imperial Beach, CA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Recently renovated 6‑unit property with 2 buildings on a 20,129 SF lot in Imperial Beach; Extensive 2024 renovations include new roof, new electrical systems, air conditioning, and updated interiors; Unit mix: four 3BR/1BA units plus a 2BR/1.5BA townhouse and a 3BR/2BA detached front house
