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900 Phillips Street

Vista, CA 92083
  • $15,950,000
  • STATUS: Active Under Contract
  • ON SITE: 115 Days
  • ID#: NDP2401713
Under Contract
UPDATED: 70 min ago
$15,950,000
  • 0
    BEDS
  • 3.58
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1969
County:

School Ratings & Info

Listing Agent(s): Eric Von Bluecher of Lee & Associates (760-929-9700)


Description

The Pine View Apartments, a 59-unit multifamily investment opportunity located in Vista, CA. Built in multiple phases between 1964 and 1973, The Pine View Apartments has been held by the same family for multiple decades and is ready for fresh capital and new management to complete full interior and exterior renovations with significant value add opportunities in management, landscaping, amenities, operations, expenses, and income. Situated on over 3.5 acres and across four contiguous parcels, The Pine View Apartments is located just off the Civic Center exit of the 78 Freeway. Centrally located between the 5 and 15 Freeways, tenants can conveniently drive to the 15 Freeway (11.8 miles) and the 5 Freeway (8.1 miles), allowing access to two major San Diego County arteries for both north and south bound travel. Directly next door to The Pine View Apartments is the Sprinter light rail station, with convenient access to downtown Escondido to the east and Oceanside Transit Center to the west. The investment opportunity comprises of a unit mix of (1) studio, (30) one bedroom, one bath units and (25) two-bedroom one bath units, and (3) two-bedroom two bath units. The units at the Pine View Apartments are mostly classic style units, maintained and repaired as necessary on each turnover. However, over the past twenty-four months, ownership has upgraded a total of thirteen units: (9) one bedroom one bath units, (3) two bedroom, one bath units, and (1) two bedroom, two bath unit. All units include very modest upgrades of vinyl plank flooring in the kitchen and baths, along with new cabinets, and appliances. All the units are electric and offer larger than average floor plans with an estimated 695 square foot one-bedroom units, and the two-bedroom units ranging from 950, 1,000, 1,025 and 1,300 square feet. Most, if not all, units feature large balconies, patios or yards. The property features 46 garages, 63 surface and 15 car ports for the tenants, this building is fully parked along with multiple handicap parking spots recently installed. Other amenities include approximately three laundry rooms, a community pool, and lush landscaping. The new owner can maximize this exceptional opportunity with renovations of interior, exterior, landscaping, amenities, building a leasing office/gym/storage/ADUs, adding wash/dryer to units, bike storage, EV charging, along with adding additional income through pet rent, storage, RUBS and more. Please contact listing agents for more information.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-24T23:28:02.823. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
www.playavistaliving.com/homes/148205745
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900 Phillips Street Vista, CA 92083

  • Price: $15,950,000
  • Status: Active Under Contract
  • On Site: 115 Days
  • Updated: 70 min ago
  • ID#: NDP2401713
0
Beds
0
Baths
0
½ Baths
3.58
Acres
1969
Built
Neighborhood:
92083 - Vista
County:
San Diego
Area:
92083 - Vista
Property Description
The Pine View Apartments, a 59-unit multifamily investment opportunity located in Vista, CA. Built in multiple phases between 1964 and 1973, The Pine View Apartments has been held by the same family for multiple decades and is ready for fresh capital and new management to complete full interior and exterior renovations with significant value add opportunities in management, landscaping, amenities, operations, expenses, and income. Situated on over 3.5 acres and across four contiguous parcels, The Pine View Apartments is located just off the Civic Center exit of the 78 Freeway. Centrally located between the 5 and 15 Freeways, tenants can conveniently drive to the 15 Freeway (11.8 miles) and the 5 Freeway (8.1 miles), allowing access to two major San Diego County arteries for both north and south bound travel. Directly next door to The Pine View Apartments is the Sprinter light rail station, with convenient access to downtown Escondido to the east and Oceanside Transit Center to the west. The investment opportunity comprises of a unit mix of (1) studio, (30) one bedroom, one bath units and (25) two-bedroom one bath units, and (3) two-bedroom two bath units. The units at the Pine View Apartments are mostly classic style units, maintained and repaired as necessary on each turnover. However, over the past twenty-four months, ownership has upgraded a total of thirteen units: (9) one bedroom one bath units, (3) two bedroom, one bath units, and (1) two bedroom, two bath unit. All units include very modest upgrades of vinyl plank flooring in the kitchen and baths, along with new cabinets, and appliances. All the units are electric and offer larger than average floor plans with an estimated 695 square foot one-bedroom units, and the two-bedroom units ranging from 950, 1,000, 1,025 and 1,300 square feet. Most, if not all, units feature large balconies, patios or yards. The property features 46 garages, 63 surface and 15 car ports for the tenants, this building is fully parked along with multiple handicap parking spots recently installed. Other amenities include approximately three laundry rooms, a community pool, and lush landscaping. The new owner can maximize this exceptional opportunity with renovations of interior, exterior, landscaping, amenities, building a leasing office/gym/storage/ADUs, adding wash/dryer to units, bike storage, EV charging, along with adding additional income through pet rent, storage, RUBS and more. Please contact listing agents for more information.
Exterior Features

Entry Level 2 Entry Location First Floors and Second Story Stairs Lot Features 16-20 Units/Acre Number Of Separate Electric Meters 65 Open Parking Spaces 77 Parking Total 121 Pool Features Community Pool Private YN No Property Attached YN Yes Spa YN No View YN No

Interior Features

Common Walls 2+ Common Walls Cooling YN No Fireplace YN No Heating YN No

Property Features

Additional Parcels YN Yes Association Fee 0 Association YN No Cap Rate 4.51 Community Features ParkSidewalksPool Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 1183752 Gross Scheduled Income 1183752 Insurance Expense 0 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to Existing LoanCash to New LoanConventional Net Operating Income 0 New Taxes Expense 0 Number Of Separate Gas Meters 6 Number Of Separate Water Meters 1 Operating Expense 0 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 0 Water Sewer Expense 0 Zoning R-4



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-24T23:28:02.823. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
 
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Team Tami | Palm Realty Boutique
323 Culver Blvd.
Playa del Rey CA, 90293
Listing Agent(s): Eric Von Bluecher of Lee & Associates (760-929-9700)