Resources
Schedule a Meeting
30 more photos
SOLD 5/19/2022

2330 Grove Avenue, San Diego, CA 92154$20,000,000

3
beds
3
baths
65960
ft2
· 214315
ft2 lot
$273 / ft2

Listing provided courtesy of Listing Broker: Michael McKinney, Lyon Stahl Investment Real Estate, Inc.
Source CRMLS;
Loading...
Country Airre Apartments and Townhomes, located in Southern San Diego, California is a well maintained 70-unit multifamily community on an expansive +/- 4.92-acre lot. The asset presents a unique value-add opportunity for new ownership. Asking rents within the Southern San Diego region increased 12.2% in 2021 (per CoStar), providing the ability to reset rents to market with unique organic rent growth. The property is well positioned to benefit from further value-add opportunities through enhanced interior and exterior upgrades, resulting in rent premiums in excess of $400 per unit. Situated within the Nestor neighborhood of Southern San Diego, California, Country Airre Apartments is within minutes to the Pacific Ocean, beaches, university campuses, schools, military bases, major employers and nearby to Downtown San Diego, which offers access to an endless supply of shopping, entertainment. dining and recreational opportunities. Country Airre residents have easy access to Interstate 5, Interstate 805, and the Iris Avenue Blue Line Station. There are (32) 1 bedroom 1 bath units and (38) 2-bedroom 1.5 bath townhouse style units with attached one-car garages and yards. The units have extra spacious floorplans with the one-bedroom units at +/- 700 sq. ft and the two-bedroom townhouse style units at +/- 1,100 square feet. Interiors feature a combination of vinyl plank flooring, tile and carpet, new window coverings, ceiling fans, patios and/or private fenced yards. The townhome units have washer/dryer hookups inside of the one-car attached garage. Additionally, there are (10) 10 x 10 and (20) 10 x 20 “for rent” garages. In 2020, twenty-three (23) of the units were renovated with new flooring, cabinets and countertops. The community amenities include a large outdoor lounge with fenced-in pool and spa (spa currently not in use), community recreational room, gas BBQ area with gazebo and picnic tables. Pets are welcome with additional deposit and pet rent. The community laundry facility features on-site app-pay enabled laundry equipment. The new owner of Country Airre Apartments will be acquiring an ideally located, highly desirable value-add multifamily community in the sought-after coastal submarket of Southern San Diego California. Minutes to Imperial Beach, San Diego National Wildlife Refuge and nearby employment hubs, as well as quick access to Interstate 5 and 805, this asset represents a unique offering with immediate value-add upside.

HOA

No HOA

On market

a month

Year built

1970

Property type

Condo

Parking

139

MLS

SB22045469

Price / Sq.Ft.

$273 / ft2

Status

Closed

Buyer’s Brokerage Commission

1%

Home details for 2330 Grove Avenue

Interior Features & Layout
Appliances
•   
Laundry Details: Community, In Garage
•   
Laundry: 1
Rooms Info
•   
Average3 Bed Area Units: Square Feet
•   
Average Studio Area Units: Square Feet
•   
Average2 Bed Area Units: Square Feet
•   
Average1 Bed Area Units: Square Feet
•   
Average2 Bed Area: 1100
•   
Average1 Bed Area: 700
Heating & Cooling
•   
Has Heating
•   
Heating Details: Electric
Flooring
•   
Flooring: Carpet, Laminate, Tile
Interior Size
•   
Building Area Total: 65960.00
Property, Lot, Community & Exterior Features
Parking Info
•   
Parking Available: 1
•   
Parking Features: Garage Faces Front, Garage - Single Door, Off Street, Parking Space, Unassigned
•   
Garage Spaces: 68.00
•   
Uncovered Spaces: 71.00
Community Info
•   
Road Frontage Type: City Street
•   
Number Of Buildings: 14
•   
Total Units: 70
Building Info
•   
Building Area Units: Square Feet
•   
Zoning: R2
•   
Stories Total: 2
•   
Num Stories: Two
•   
Year Built Source: Assessor
Lot Info
•   
Lot Features: 11-15 Units/Acre, Near Public Transit, Park Nearby, Sprinkler System
•   
Lot Size Source: Assessor
•   
Elevation Units: Feet
•   
Lot Size Acres: 4.9200
•   
Lot Size Area: 214315.0000
•   
Lot Size Units: Square Feet
Property Features
•   
Common Walls: 2+ Common Walls
•   
Pool Details: Community, In Ground
Property Type
•   
Common Interest: Community Apartment
Utilities & Other Information
Utilities
•   
Number Of Separate Electric Meters: 71
•   
Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Water & Sewer Info
•   
Water Source: Public
•   
Sewer: Public Sewer
Listing Details, Costs & Financing Information
Financial Info
•   
Garage Income: 15480.00
•   
Gross Operating Income: 1201190.00
•   
Water Sewer Expense: 0.00
•   
Other Expense Description: Oper Exp
•   
Other Expense: 186769.00
•   
Laundry Income: 3326.00
•   
Vacancy Allowance Rate: 3.00
•   
Cap Rate: 3.77
•   
Laundry Equipment Own Lease: Lease
•   
Total Actual Rent: 1211952.00
•   
Fuel Expense: 0.00
•   
Trash Expense: 0.00
•   
New Taxes Expense: 209778.00
•   
Insurance Expense: 53053.00
•   
Professional Management Expense: 0.00
•   
Other Income Description: $6780 Pet Rent
•   
Total Expenses: 522339.00
•   
Gross Scheduled Income: 1237548.00
•   
Other Income1: 6780.00
•   
Operating Expense: 522339.00
•   
Gross Multiplier: 14.54
•   
Rent Control Yn: 1
Tax/Assessment Info
•   
Gross Income: 1237548.00
•   
Tax Year: 2021
•   
Taxes: 84318.34
Terms
•   
Exclusions: Tools used by the on-site manager
Lease Info
•   
Net Operating Income: 678851.00
Listing Info
•   
Status: Closed
Other
•   
Electric Expense: 72739.00
Multi Unit Information
Unit 2 Information
•   
Unit 2 Actual Rent: 1614.00
•   
Unit 2 Bedrooms: 2
•   
Unit 2 Total Units: 38
•   
Has Attached Garage
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 2
•   
Unit 2 Garage Spaces: 1.00
•   
Unit 2 Total Rent: 61332.00
Unit 1 Information
•   
Unit 1 Bedrooms: 1
•   
Unit 1 Total Units: 32
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Garage Spaces: 0.00
•   
Unit 1 Bathrooms: 1
•   
Unit 1 Actual Rent: 1240.00
•   
Unit 1 Total Rent: 39680.00
Multi Unit Information
•   
# Of Units: 2
•   
Number Of Units Leased: 69
•   
Price Per Unit: 257143
School Neighborhood & Directions
Location
•   
Other Subdivision Name: South Sd
•   
Subdivision: South Sd
•   
Community Features: Biking, Curbs, Hiking, Park, Military Land, Preserve/Public Land, Sidewalks, Storm Drains, Street Lights
School Info
•   
Directions: 5 Fwy to Coronado Exit / Hollister Street South to Grove Avenue East
Other
Calculation
•   
Dom: 27
•   
Cdom: 27

Neighborhood snapshot

20
Properties for sale
7
Median days on market
$380.02
Median sold price/sqft
102.43%
Sold/List %
walk-icon}

walk score® :

transit-icon}

transit score® :

bike-icon}

bike score® :

Property History for 2330 Grove Avenue

05/19/2022
05/19/2022
CRMLS #SB22045469
sold
CRMLS #SB22045469
$20,000,000
+11.11%
04/05/2022
04/05/2022
CRMLS #SB22045469
pending
CRMLS #SB22045469
$18,000,000
03/09/2022
03/09/2022
CRMLS #SB22045469
active
CRMLS #SB22045469
$18,000,000

Similar homes

street view

$15,850,0001844 Ocean FrontDel Mar, CA 92014

4 bed
3.5 bath
2885
 ft²
 · 
3920
 ft²  lot
More in the area
Nearby cities
Chula Vista Homes For SaleEscondido Homes For SaleSan Marcos Homes For SaleSantee Homes For SaleEl Cajon Homes For Sale
Show More +
Services
BrokerageMortgageTitle & Escrow
Browse homes for sale in
Get the Flyhomes app
IOSAndroid
Equal Housing Opportunity
By searching, you agree to the Terms of Use, Privacy Policy and California Privacy Notice. California DRE #02012110; Flyhomes Mortgage, LLC: NMLS #1733272
TREC: Info about Brokerage Services, Consumer Protection Notice, Texas Mortgage Company Compliant/Recovery Fund Notice
Real estate brokerage licenses

1 Homes are subject to our approval and must be listed within an MLS in the areas that Flyhomes operates. Homes are subject to inspections and other limitations.

Flyhomes is registered trademark of Flyhomes, Inc.

NMLS Consumer Access
Affiliated Business Arrangement Disclosure
Flyhomes © 2022