Current Use by Public Records
- Apartment buildings
Property Details for 2024-30 Montgomery Ave
- Year built
- 1977
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a 5-unit apartment building located at 2024-30 Montgomery Ave, Encinitas, CA 92007. The property boasts 3,050 square feet of living space situated on a 4,924 square foot lot, offering five surface parking spaces. Built in 1977 and extensively renovated in 2016, the building is in meticulous condition. The unit mix includes one two-bedroom/one-bath, three one-bedroom/one-bath, and one studio apartment, currently enjoying 100% occupancy. The asking price is $3,910,000, representing $782,000 per unit and a price per square foot of $1,281.97. The property offers a 3.07% cap rate with a pro-forma cap rate of 3.41% and a pro-forma NOI of $133,489. Its prime coastal location in Cardiff-by-the-Sea provides easy access to Interstate 5 and is within walking distance of San Elijo State Beach, numerous shops, restaurants, and other amenities. The property's proximity to major North County San Diego attractions further enhances its appeal. Potential upside exists through short-term rental options and current rent increases. This presents a compelling investment in a highly desirable coastal location with strong historical rental performance. The property's APN is 260-382-50-00.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Encinitas
- County
- San Diego
- State
- California
- Longitude
- -117.281
- Latitude
- 33.0234
