3.25% Assumable Loan. The Kenwood, located in San Diego County and positioned along the I-8 Corridor in Spring Valley (East County) is a 20 unit apartment community with easy access to jobs, shopping and transportation. The property has had recent interior and exterior renovations and boasts an above market cap rate with easy upside potential through a light value-add program of adding hard plank flooring and stainless steel appliances. The property consists primarily of large 2 bedroom units (90% 2 BR’s) with all ground floor units having large private patios. The community is gated with ample parking and an on-site laundry room. Located across the street is a larger portfolio of 161 units (Valle) Institutionally owned by TruAmerica / Blackstone. These 4 communities are currently under renovation with additional improvements yet to be made. Although ‘Valle’ is a lesser quality asset with no patios and is only partially gated, the continued investment in the properties on this street bode well for future rent growth and predictable gentrification and appreciation. There is additional upside potential by adding 2 detached ADU’s to the site in the the large concrete pad / courtyard at the rear of the property that is generally unused. Buyer to verify. The property has an assumable loan with Chase Bank at approx. $2,420,000 @ 3.25%, interest only, fixed until 1/1/2025. Additional financing also available.
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