1629 Palm Avenue

Contact for more information: Eric von Bluecher D 760.929.7846 or evb@lee-associates.com Ivan Del Muro-Garcia D 760.448.2451 or idmg@lee-associates.com --------------------------------------------------------------------------------------------- The property is situated on an approximately 26,571 square foot parcel and is improved with a 10,616 square foot apartment building. The property features a well-balanced 16-unit mix consisting of (2) two-bedroom, two-bathroom units, (9) two-bedroom, one-bathroom units, and (5) one-bedroom, one-bathroom units. The strong concentration of two-bedroom units supports consistent tenant demand, stable occupancy, and durable cash flow from both long-term residents and workforce renters. The property has received select capital improvements, including full window replacement throughout the building and mild interior renovations in select units. The majority of units remain unrenovated, presenting a clear value-add opportunity for a new owner to upgrade interior finishes, modernize unit layouts, and drive rents toward prevailing market levels. According to public records, the property is zoned RM-2, High Density Multi-Unit Residential, which allows for approximately 24 to 48 dwelling units per acre. Based on the site size, the zoning supports a theoretical density range of approximately 15 to 29 units, subject to city approvals, development standards, and design constraints. The existing improvements represent efficient land utilization under current zoning, offering both stable in-place income and longer-term redevelopment optionality. Pro