Condo-Map Multifamily Apartment
For Sale
$9,300,000
163-199 Elder Avenue, Imperial Beach, CA 91932
Built in 1988, this 19-unit multifamily property features private balconies, in-unit washers and dryers, and some ocean views.
Property Size20,976 SF
Price / SF$443.36
Days on Market181
Property Features for 163-199 Elder Avenue
General Information
Standard status
Active
Size
20,976 SF
Property subtype
Commercial-Res Income / Com-Res Income
Additional Details
Multifamily Units
19
Amenities
fireplace
full size washer and dryer
two private balconies
some ocean views
4th floor view deck
Building Details
Year Built
1988
Listing Agency:
Ray Adams Investment Real Estate Inc
(619) 884-5456
Listed By:
Ray Adams · License #00989238
(619) 884-5456
Source:
Compass
Added: Jan 31
Changed: Jul 23
Last Checked: Jul 24 at 1:40PM
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 Ray Adams Investment Real Estate Inc
Investment Insights
Based on property information with market context.
This condo-mapped multifamily apartment building was built in 1988 and offers 19 large 2 bed, 2 bath units. Each unit includes a fireplace, a full-size washer and dryer, and two private balconies, with some units also offering ocean views. A 4th-floor view deck serves all units.
The property is about 1 1/2 blocks to the beach. The offering is described as a condo-mapped property with separate APNs and water meters.
Configuration-wise, the building is presented as 19 condominium-style units, each separately metered for water and mapped with separate APNs, supporting a structured ownership model within the larger apartment building.
The property is about 1 1/2 blocks to the beach. The offering is described as a condo-mapped property with separate APNs and water meters.
Configuration-wise, the building is presented as 19 condominium-style units, each separately metered for water and mapped with separate APNs, supporting a structured ownership model within the larger apartment building.
Key Highlights
- 19‑unit condo community in a 1‑building complex
- Built in 1988, 3‑story structure with composition roof and drywall/frame/stucco construction
- 19 large 2 bed, 2 bath units
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 | $667.0k | $31.80 |
| − Vacancy | −$33.4k | −$1.59 |
| EGI | $633.7k | $30.21 |
| − OpEx | −$285.2k | −$13.59 |
| NOI | $348.5k | $16.62 |
20,976 SF · lease $31.80/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.98M
$4.36M – $5.81M
NOI $348,527 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.61M
$8.41M – $11.21M
NOI $672,736 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Explore this area
Business Placement
Demographics for 91932, CA
26,013
Population
10,276
Households
2.5
Avg Household Size
35
Median Age
24%
College-Educated
85%
High-School Grad
4.3 sq mi
ZIP Area
6,050
Density / Sq Mi
$79,071
Median Household Income
$41,917
Median Earnings
$1,914
Median Rent
$811,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1988, this 19-unit multifamily property features private balconies, in-unit washers and dryers, and some ocean views.
Where is this apartment building located?
The property is located at 163-199 Elder Avenue Imperial Beach, CA.
What is the asking price?
The asking price for this property is $9,300,000.
What are key features of this property?
This property features: 19‑unit condo community in a 1‑building complex; Built in 1988, 3‑story structure with composition roof and drywall/frame/stucco construction; 19 large 2 bed, 2 bath units
