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The Pine View Apartments
900 Phillips Street

Vista, CA 92083

The Pine View Apartments
900 Phillips St

Vista 92083
Click Here to Access Virtual Deal Room
thepineviewapartmentsvista.com

59-Unit Multifamily Investment Opportunity in the North County Submarket of Vista

PROPERTY DETAILS

  • Visit & Register for the Deal Room Here thepineviewapartmentsvista.com
  • Asking Price: $15,950,000
  • Year Built: 1964,66,69,72,73
  • Units: 59
  • Building Size (SQ. FT.): 51,686
  • Lot Size (SQ. FT.): 155,921 (3.5 acres +/-)
  • Cost Per Unit: $270,339 / Average $/Unit Sold $302,501
  • Cost Per SQFT: $308.59 / Average $/FT Sold $329
  • Current GRM: 12.63 / Market GRM: 8.89 / Average GRM Sold 17.78
  • Current Cap Rate: 4.51% / Market Cap 7.67% / Average Cap Sold 3.33%
  • Cash on Cash: 1.68%/ Market COC: 7.98%
  • Return on Equity: 2.87% / Market ROE: 9.18%

PROPERTY HIGHLIGHTS

  • 2 Parking / Unit – 124 spaces, 46 Garages, 63 surface, 15 carports.
  • Large Units – Average 876 SQ. FT.
  • Unit Mix: (1) Studio, (30) 1 bed, & (28) 2 beds.
  • 42% +/- Rental Upside.
  • 13 units updated in the past two years.
  • Average classic unit rents for $1,685.
  • Average renovated unit rents for $2,350.
  • Located in a strong rental market of Vista.
  • Centrally located off the 78 Freeway in between the 5 and 15 Freeways.
  • Next door to the Civic Center Sprinter light rail station, access to Beach, Cal State San Marcos and Escondido.
  • Pool, lush landscaping, multiple laundry rooms with owner owned laundry.
  • $4.934M+/- Chase assumable loan in place at 3.48% available in addition to several 5- and 7-year fixed debt options in the $8 to $8.5M available, several with 2-5 years of Interest Only options.

760-929-7846

evb@lee-associates.com

1902 Wright Place, Suite 180
Carlsbad, CA 92008, USA

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