$4,250,000
Contact for more information: Eric von Bluecher D 760.929.7846 or evb@lee-associates.com Ivan Del Muro-Garcia D 760.448.2451 or idmg@lee-associates.com --------------------------------------------------------------------------------------------- The property is situated on an approximately 26,571 square foot parcel and is improved with a 10,616 square foot apartment building. The property features a well-balanced 16-unit mix consisting of (2) two-bedroom, two-bathroom units, (9) two-bedroom, one-bathroom units, and (5) one-bedroom, one-bathroom units. The strong concentration of two-bedroom units supports consistent tenant demand, stable occupancy, and durable cash flow from both long-term residents and workforce renters. The property has received select capital improvements, including full window replacement throughout the building and mild interior renovations in select units. The majority of units remain unrenovated, presenting a clear value-add opportunity for a new owner to upgrade interior finishes, modernize unit layouts, and drive rents toward prevailing market levels. According to public records, the property is zoned RM-2, High Density Multi-Unit Residential, which allows for approximately 24 to 48 dwelling units per acre. Based on the site size, the zoning supports a theoretical density range of approximately 15 to 29 units, subject to city approvals, development standards, and design constraints. The existing improvements represent efficient land utilization under current zoning, offering both stable in-place income and longer-term redevelopment optionality. Property amenities include gated access, approximately 32 on-site parking spaces, abundant street parking, on-site laundry facilities, and a tenant-friendly courtyard and garden area that enhances livability and tenant retention. The strong parking coverage is a notable advantage for a multifamily asset of this size and vintage. Located in the South Bay submarket of San Diego County, 1629 Palm Avenue benefits from convenient access to Interstate 5, regional transit corridors, nearby retail and dining amenities, and major employment centers throughout National City, Chula Vista, and Downtown San Diego. The location continues to attract tenants seeking affordability, connectivity, and proximity to both coastal and urban employment hubs. With its desirable unit mix, light renovation profile, strong parking ratio, and RM-2 high-density zoning, 1629 Palm Avenue presents investors with the opportunity to acquire a well-maintained multifamily asset offering immediate value-add upside, redevelopment optionality, and stable in-place cash flow.
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Listed by Eric von Bluecher with Lee & Associates (760) 929-9700
Property Type
Residential Income
Status
Active
MLS Number
NDP2601110
Year Built
1977
Lot Size
0.61 acres