204 Evergreen Ave Imperial Beach, CA 91932

Property Details for 204 Evergreen Ave

Year built

1965

Property size

2,100 SF

Property type

Commercial real estate

APN

625-361-23-00

Description

This exceptional multifamily investment opportunity in Imperial Beach, California, presents a unique blend of immediate income and significant upside potential. Located at 204 Evergreen Ave, this property consists of two buildings on a 4,770 square foot lot (APN 625-361-23-00). The main structure is a two-story building housing a one-bedroom, one-bathroom unit and a studio unit. A separate, well-appointed two-bedroom, one-bathroom single-family residence completes the property. All three units share a common laundry area. Each building includes a detached garage, offering extra storage or potential for future expansion. Built in 1965 and renovated in 2017, the property boasts a total of 2,100 square feet. Currently operating at 66% occupancy, the property generates a Net Operating Income (NOI) of $21,936, with a pro-forma NOI of $66,052 and a pro-forma cap rate of 4.26%. The asking price is $1,549,000, representing a price per unit of $516,333.33 and a price per square foot of $737.62. Its prime location, one block from the beach and close to shops and restaurants, makes it ideal for both owner-occupancy and lucrative rental income. This property offers a rare chance to acquire a multifamily asset with strong income potential and significant value-add opportunities in a highly desirable coastal location.