The Palms

The Palms are located in the Morena neighborhood, home to the University of San Diego neighborhood of Central San Diego. It is bordered by Bay Park to the north, Old Town to the South, Linda Vista to the east, Mission Bay to the West, and Mission Valley to the South. The Property is also just a little over a mile away from Fashion Valley Mall, which is home to some of San Diego's most upscale retailers, a movie theater, and a plethora of dining options. The Property is also just minutes away from Fashion Valley Mall, San Diego Zoo, Balboa Park, Riverwalk Golf Club, and is close to 5, 8, 163, and 805 freeways. Also, the nearby Old Town Transit Center is a major intermodal transportation station where travelers can transfer between San Diego Metropolitan Transit System city buses, the Green Line of the San Diego Trolley, the Coaster commuter rail line, and the regional rail system of Amtrak in the form of its intercity Pacific Surfliner route.ACRE Investment Real Estate Services is pleased to present for sale The Palms (the "Property"), a building comprised of twelve (12) residential units located in the Morena market of central San Diego. Built in 1962 and underwent a major renovation in 2017, the subject property is situated on a large 9,984 square foot lot. The property is comprised of two (2) studios and ten (10) one-bedroom/one-bath units totaling approximately 6,350 rentable square feet and are individually metered for gas and electricity. Residents enjoy the common area swimming pool and deck, on-site laundry, controlled access entry. The interiors have been meticulously renovated with new granite countertops, new cabinets, stainless steel appliances – refrigerator, range, built-in microwaves, and dishwasher, fixtures, vinyl wood plank flooring, bathroom vanities, lighting, and paint. Also, all of the plumbing was replaced on the first floor of Building 1. The exterior renovation included new - dual pane retrofit windows, paint, roof (*2017), concrete and pool deck, fencing, patio furniture, and new landscaping. Additionally, six storage units were added. The offering is an opportunity for an investor to purchase a stabilized asset with very low maintenance in an exceptional location. The Palms are “Very Walkable” meaning, "most errands can be accomplished by foot." They are located within walking distance to retail, restaurants, shopping, parks, and the University of San Diego (USD), which has 9,041 total enrollments for 2021, providing an extremely desirable location to consider for housing.