900 Phillips Street
Vista, CA, 92083 $ 15,950,000
Baths0.0 Sq 51,686 Monthly Estimate*
$ 111,416
Listed by Lee & Associates
Studio
for $15,950,000. This 51,686 square foot home was built in 1969 on a lot size of 3.5795.
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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FeaturesGeneralSewer PublicSewer
Zoning R-4
HOA 0.0
Garage Spaces 44.0
Pool Features Community
Year Built 1969
Gross Income 1183752.0
Community Features Park Sidewalks Pool
Additional Parcels Description 179-310-39 179-310-38 179-185-01
County San Diego
Net Operating Income 0.0
Operating Expense 0.0
Insurance Expense 0.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N Y
Special Listing Conditions Standard
Status ActiveUnderContract
Directions Right off the 78 Freeway near Civic Center Drive.
City Vista
Entry Location First Floors and Second Story Stairs
View Y/N N
Senior Community Y/N N
Open Parking Spaces 77.0
Total Units 59
MLS Area 92083 - Vista
Lot Size Square Feet 155921.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Phillips
Listing Terms Cash CashtoExistingLoan CashtoNewLoan Conventional
Property Attached Y/N Y
Land Lease Y/N N
Electric Expense 0.0
Home Warranty Y/N N
Fuel Expense 0.0
Trash Expense 0.0
Water Sewer Expense 0.0
Lease Renewal Y/N N
Additional Parcels Y/N Y
Lease Considered Y/N N
Rent Control Y/N Y
Virtual Tour https://www.propertypanorama.com/instaview/crmls/NDP2401713 https://sdmultifamily.com/property/the-pine-view-apartments/
Days on Market 62
Standard Status ActiveUnderContract
Tax Lot 321 322
Taxes 0.0
Cap Rate 4.51
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ExteriorLot Features Item1620UnitsAcre
Total Parking 121.0
Lot Size Area 155921.0
Number of Buildings 6
Spa N
Building Area Total 51686.0
Lot Size Acres 3.5795
Lot Size Units SquareFeet
Lot Size Source PublicRecords
Number of Separate Water Meters 1
Number of Separate Gas Meters 6
Number of Separate Electric Meters 65
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 2
Common Walls Item2CommonWalls
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Street Suffix Street
Laundry Features CommonArea
Entry Level 2
Electric On Property Y/N N
Total Baths 0
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $111,416
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Vista, CA
Average List Price $3,931,600
Percent of Sale Price 75%
About Vista, CA 101,964 Population
15% Since 2002
$ 56,854 Median Income
34.5 Median Age
34% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
4/17/2024 | $15,950,000 | -6.18% | Price Down |
3/2/2024 | $17,000,000 | | Listed Price |