Coastal 12-Unit Apartment
For Sale
$3,495,000
Pending
739-747 Florida Street, Imperial Beach, CA 91932
Twelve 2-bedroom, 2-bath apartments across three adjacent parcels with 18 off-street parking spaces and on-site laundry.
Property Size12,000 SF
Lot Size0.55 Acres
Days on Market168
Property Features for 739-747 Florida Street
General Information
Standard status
Pending
Size
12,000 SF
Total Parking Spaces
18
Lot size
0.55 Acres
Property subtype
Commercial-Res Income / Com-Res Income
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
12
Amenities
on-site laundry facilities
private outdoor areas
Other
Wall
1
Other/Remarks
24.0
12
144
Owned
Composition
3
Remarks
Building Details
Tenancy
Multi
Listing Agency:
The Browar Group
Listed By:
Josh Browar · License #01824454
(858) 414-4398
Source:
Compass
Added: May 6
Changed: Oct 20
Last Checked: Oct 19 at 9:12AM
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 The Browar Group
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 12-unit multifamily property is improved with three adjacent parcels, each featuring a well-maintained four-unit building. The unit mix consists of twelve 2-bedroom, 2-bath apartments, each approximately 1,000 square feet, and includes private outdoor areas for each unit.
The property provides 18 off-street parking spaces and on-site laundry facilities. Ownership has recently completed a full window replacement across the property, helping reduce near-term capital expenditure needs.
All units are currently leased on a month-to-month basis. The seller indicates rents are below market, with an estimated 35% rental upside associated with a renovation program intended to modernize interiors and stabilize the asset.
The property provides 18 off-street parking spaces and on-site laundry facilities. Ownership has recently completed a full window replacement across the property, helping reduce near-term capital expenditure needs.
All units are currently leased on a month-to-month basis. The seller indicates rents are below market, with an estimated 35% rental upside associated with a renovation program intended to modernize interiors and stabilize the asset.
Key Highlights
- 12‑unit multifamily at 739–747 Florida Street: three adjacent parcels with a 4‑unit building on each parcel
- All units are 2 bed / 2 bath, about 1,000 SF per apartment
- Set on an approximately 24,000 SF lot with 18 off‑street parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$199,386
Cap Rate
5.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,987,720
$4.0M
Cap Rate 7%
$2,848,371
$2.8M
Cap Rate 9%
$2,215,400
$2.2M
Market Conditions
NOI Build-Up for 12,000 SF
Gross rent
$381.6K $31.80/SF
− Vacancy
−$19.1K −$1.59/SF
EGI
$362.5K $30.21/SF
− OpEx
−$163.1K −$13.59/SF
NOI
$199.4K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,987,720
Cap Rate 7%
$2,848,371
Cap Rate 9%
$2,215,400
Alternative Uses
Best Use
Apartment 5plus
$2.85M
$2.49M – $3.32M
NOI $199,386 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.50M
$4.81M – $6.41M
NOI $384,860 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
981
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
Frequently Asked Questions
What type of property is this?
Apartment building - Twelve 2-bedroom, 2-bath apartments across three adjacent parcels with 18 off-street parking spaces and on-site laundry.
Where is this apartment building located?
The property is located at 739-747 Florida Street Imperial Beach, CA.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: 12‑unit multifamily at 739–747 Florida Street: three adjacent parcels with a 4‑unit building on each parcel; All units are 2 bed / 2 bath, about 1,000 SF per apartment; Set on an approximately 24,000 SF lot with 18 off‑street parking spaces
