940 Palm Ave, National City, CA 91950
Offer Price:
$15,00,000
Price/SF:
$240.25
Cap Rate:
4.93%
Gross Building Area:
62,436 SF
Status:
Closed
Submarket:
South County
Property Type:
Apartments
Strategy:
Core
The Bove Group is excited to present Admiralty Apartments, a 52-unit condominium complex with separate APNs, located in National City, California. This complex offers a diverse mix of studio, one-bedroom, two-bedroom, and three-bedroom units, with a majority being two-bedroom units, catering to various needs. The property features 20 garages, ample parking, a gated entry, and stunning views from most units.
National City is experiencing a significant surge in multifamily sale activity, thanks to its strategic location within the Greater San Diego area and its relative affordability compared to neighboring cities. This has resulted in strong rental demand, supported by a diverse population and a steady influx of residents seeking proximity to employment hubs, educational institutions, and urban amenities.
With partial renovations already completed, new owners have the opportunity to finish the updates according to their vision or upgrade to condominium standards and sell units individually in the future. The variety of unit sizes offers flexibility in marketing and leasing strategies, making this an attractive option for investors aiming to maximize occupancy and returns in the dynamic National City rental market.
Listed By:
Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 945-7094