NC18 Apartments 78 Units San Diego
Located in the I-5 Corridor just 5 minutes south of Downtown San Diego, a well- established blue-collar neighborhood of National City between Downtown San Diego and Chula Vista, this project is an extremely rare value add apartment building. The goal of the partnership is to renovate, reposition and refinance the residential units, then to place permanent financing on the project to allow for
a long-term hold or a sale depending on the transactional environment. The permanent financing should be sufficient to return up to 50% of the investor capital as well as accrued preferred return as a priority. Thereafter, the property will provide substantial cash flow on the remaining investor capital remaining in the project.
National City provides an opportunity for investors to get exposure in San Diego at one of the lowest average price points in the region.
The vacancy rate has averaged only less than 1.0 % county wide over the past few years, including the current rate on the property of less than 2.0%, because the owner is instructed not to rent units while we are in escrow.
The submarket holds generational appeal, and rising unaffordability across the region has led to serious demand for lower priced apartments in national City naturally.