Description

930 B Ave National City, "The French Quarters" presents the opportunity to acquire a rarely traded 27 unit garden style asset located in National City’s most desirable corridor. The property is located one parcel away from the Historical Landmarks of Brick Row & Heritage Square and within a 3 minute walk of all the activity Kimball Park, E 8th St, and National City Blvd have to offer. The asset possesses both attractive immediate value-add potential on the existing 27 units and significant development potential. The parcel consists of 23,086 SF within the Downtown Specific Plan allowing for 3:1 & 4:1 FAR ratios of multifamily development. 930 B Ave consists of 25 registered units and 2 unregistered units. The unit mix contains (10) 1 Bed / 1 Bath units, (10) 2 Bed / 1 Bath units, (5) 2 Bed / 2 Bath units, and the (2) unregistered studio units converted out of existing non-living square footage. The property possesses an oversized unit average of 765 SF with a huge 5,549 SF of additional existing non-living square footage comprised of 23 garages, 4 storage rooms, the 2 unregistered studio units, and an on-site laundry facility. An investor can pursue a lower intensity value-add play or an all-out full rebuild including major infrastructure systems at a forecasted 8.13% proforma cap rate and 6.10% all in Yield on Cost. Additional return can be gained through ADU development of select garages and storage rooms. All garages adjoin to the interior courtyard. There are no units on the 1st floor of the Western or Northern portion of the property, allowing for ideal ADU garage conversions with potential front door courtyard access. 15 of the 27 units are in renovation ready status allowing for immediate renovations and improvements. The majority of units are in mostly original condition with partial updates. Roughly half of the units could be in attractive market operating condition with minor improvements. The remaining units should receive full renovations to maximize ROI. Existing ownership completed a full roof and underlay replacement in 2024. Electrical and plumbing systems are original from 1971.