Carlsbad, CA 92011

$4,050,000
List Price
$4,050,000
Status
ACTIVE
MLS#
220015876SD
Days on Market
15
Property Type
Commercial
Property Sub Type
Mixed Use

Property Description

We are pleased to present Bluwater Crossing Apartments (the “Property”), an attractive rental community located within the Bluwater Crossing live-work community in Carlsbad that was built in 2009 and is situated less than a mile from the ocean. They are under the City of Carlsbad's Affordable housing program for 55 years. This designation allows you to rent the units to tenants that make less than 80% of the current San Diego median income as reported by HUD. This affordable program also sets the max rents each year, with an average annual increase of 3.5% over the last 10 years. This program is very popular in Carlsbad and usually results in a wait-list for available units. The new 2022 median income calculations will allow the buyer to raise rents on all units to $1,674.50 at the close of escrow. And since the rent restrictions are tied to inflation, it is anticipated that rents will increase rapidly in the coming years. This property is exempt from AB 1482 rent restrictions as well. The Property consists of 12 units of approx. 820 sq. ft., on a large 34,470 sq. ft. lot. They are all 1 bed/1 bath loft-style units. Each unit offers contemporary finishes such as granite countertops and modern appliances, including built-in microwaves and dishwashers. The units boast of large living areas, laundry rooms with washers and dryers, spacious walk-in closets, central A/C, and select units that offer balconies and ocean views. The Property also provides tenants with secure underground parking, elevators, and community gathering spaces such as fire pits, fountains, and gardens. Cooling: Central Forced Air Elec

Additional Information

Exterior Construction
Stucco
Attached Structure
Detached
Number Of Units Total
12
Gross Scheduled Income
$201,600
Operating Expense
49448

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Listing Agent: Bill Anderson from Listing Office: Acre Investment Real Estate

Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.