Investment Overview

Marcus & Millichap is pleased to present for sale an 8-unit value-add apartment complex with future redevelopment potential on Coronado Island. Constructed in 1943, this property rests on a 10,735 SF corner lot and offers 5,760 SF of rentable area. The property is comprised of (8) 2-bedroom/1-bathroom units. Each unit features hardwood floors, ceiling fans, and select units have dual pane windows. Residents enjoy access to a private outdoor courtyard, off-street parking, and an on-site laundry facility. Investors may either reposition the units to maximize rental income or redevelop the site. Per city of Coronado, R-4 zoning allows for 9 condo units by right that could be sold individually. Coronado is one of the most exclusive real estate markets in Southern California, making 369-375 Orange Ave a generational asset. The neighborhood is home to high-net-worth individuals and military personnel, who provide a steady demand for rental housing. Additionally, the city has a strong economy with a low unemployment rate, which makes it an attractive place to live and work. Being in a city with limited supply and proximity to the beach, this asset is poised for a high level of appreciation for the years to come.