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Multifamily

Cerro Carmel Apartments

233 Padua Hills Pl, San Diego, CA 92173

Listing Price: Request For Offer

Number of Units
50
Occupancy
100.0%
Gross SF
25,000

Investment Overview

Zorbas, Huffman, & Partners of Marcus & Millichap are pleased to present the Cerro Carmel Apartments, located at 233-73 Padua Hills Place in San Ysidro. Built in 1973, the property boasts fifty (50) one-bedroom/one-bathroom units averaging 550 square feet. The property operates under a conditional use permit with age requirements of 55 and older.

The Cerro Carmel Apartments are located in the heart of San Ysidro, with close proximity to the USA and Mexico border as well as easy access to major thoroughfares into San Diego. With quick access to Interstates 5 & 805, Highway 905, and the Beyer Blvd Light Rail Trolly station, just 0.3 miles from the subject property; residents have a myriad of high-quality transportation options to access nearby major employment centers and a myriad of popular San Diego destinations. Located in the Southernmost portion of San Diego County, the city of San Ysidro is immediately North of the US Mexico Border, home to the fourth-largest border crossing in the world. Cross border migration and work-related transit has a visible impact on the economic success as well as the cultural character of the South Bay region.

South San Diego has proven to be one of the quickest growing submarkets in the county with increasing rents and new inventory being brought to the area. The demand filtering into the submarket is reaching close to full capacity as major economic milestones are being reached. The 535-acre Chula Vista Bayfront Project, approximately $1.23 billion, was approved and has passed several steps to pave the way for construction. The project could have a $475 million annual economic impact and create more than 3,500 permanent jobs. Other projects of significant impact at the eastern end of the submarket are the 210-acre Millenia master plan and Amazon Hub which calls for up to 3 million SF of office space and 1.5 million SF of retail, hotels, and housing. If all plans come to fruition, the submarket could change dramatically and become a thriving employment node leading to explosive housing and income growth.

Investment Highlights

  • Value-add opportunity offering the ability to capture upside through rental market momentum, and by continuing interior and community enhancements
  • Comprised entirely of large one-bedroom/one-bathroom units
  • Recent roof replacement on all property buildings
  • Numerous development projects of significant economic impact that are underway in South Bay
  • Easy access to interstate 5 & 805 as well as the Beyer Blvd Light Trail Troll Station

Exclusively Listed By

Multifamily

Cerro Carmel Apartments

Listing Price: Request For Offer

Number of Units
50
Occupancy
100.0%
Gross SF
25,000

Investment Highlights

  • Value-add opportunity offering the ability to capture upside through rental market momentum, and by continuing interior and community enhancements
  • Comprised entirely of large one-bedroom/one-bathroom units
  • Recent roof replacement on all property buildings
  • Numerous development projects of significant economic impact that are underway in South Bay
  • Easy access to interstate 5 & 805 as well as the Beyer Blvd Light Trail Troll Station

Investment Overview

Zorbas, Huffman, & Partners of Marcus & Millichap are pleased to present the Cerro Carmel Apartments, located at 233-73 Padua Hills Place in San Ysidro. Built in 1973, the property boasts fifty (50) one-bedroom/one-bathroom units averaging 550 square feet. The property operates under a conditional use permit with age requirements of 55 and older. The Cerro Carmel Apartments are located in the heart of San Ysidro, with close proximity to the USA and Mexico border as well as easy access to major thoroughfares into San Diego. With quick access to Interstates 5 & 805, Highway 905, and the Beyer Blvd Light Rail Trolly station, just 0.3 miles from the subject property; residents have a myriad of high-quality transportation options to access nearby major employment centers and a myriad of popular San Diego destinations. Located in the Southernmost portion of San Diego County, the city of San Ysidro is immediately North of the US Mexico Border, home to the fourth-largest border crossing in the world. Cross border migration and work-related transit has a visible impact on the economic success as well as the cultural character of the South Bay region. South San Diego has proven to be one of the quickest growing submarkets in the county with increasing rents and new inventory being brought to the area. The demand filtering into the submarket is reaching close to full capacity as major economic milestones are being reached. The 535-acre Chula Vista Bayfront Project, approximately $1.23 billion, was approved and has passed several steps to pave the way for construction. The project could have a $475 million annual economic impact and create more than 3,500 permanent jobs. Other projects of significant impact at the eastern end of the submarket are the 210-acre Millenia master plan and Amazon Hub which calls for up to 3 million SF of office space and 1.5 million SF of retail, hotels, and housing. If all plans come to fruition, the submarket could change dramatically and become a thriving employment node leading to explosive housing and income growth.

Exclusively Listed By

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