CBRE is pleased to present exclusively for sale 1517 Reed Avenue, a seven-unit multifamily investment opportunity ideally positioned at the intersection of Crown Point and Pacific Beach in San Diego, California. Situated on an approximately 6,251-square-foot lot, the property combines a highly desirable coastal location, an attractive unit mix, substantial recent capital investment, abundant off-street parking, and meaningful remaining value-add potential. Built in 1965, 1517 Reed Avenue features a compelling mix of four two-bedroom units, two one-bedroom units, and one studio. The two-bedroom floor plans average approximately 850 square feet, the one-bedroom units approximately 600 square feet, and the studio approximately 450 square feet. Three of the two-bedroom residences are desirable two-story, 1.5-bath townhomes positioned at the front of the property, providing a differentiated residential experience rarely found in comparable coastal apartment communities. At the rear of the property, a spacious two-bedroom / two-bath owner’s flat occupies the second floor near the alley. Ownership has made a significant investment in the asset in recent years, including approximately $150,000 of improvements within the past year alone. Renovations throughout the property include the installation of mini-split air-conditioning systems in approximately half of the units, along with varying levels of interior improvements including new cabinetry, updated kitchens and bathrooms, and luxury vinyl plank flooring. With a combination of partially and fully renovated residences, a new owner has the opportunity to benefit from substantial capital already invested in the property while continuing a proven renovation program across the remaining units. The property is further distinguished by an exceptional parking ratio for a coastal San Diego apartment community. Four tandem parking configurations at the front of the property, two single-car garages, and an additional off-street space provide parking for up to 11 vehicles. This amenity is particularly valuable in the surrounding beach communities, where off-street parking is limited and remains an important consideration for residents. Beyond the physical improvements, the investment is anchored by an irreplaceable location within one of San Diego’s most coveted coastal neighborhoods. Crown Point occupies a picturesque peninsula surrounded by Mission Bay, offering residents immediate access to beaches, parks, waterfront recreation, biking and walking paths, while remaining minutes from the dining, entertainment, retail and lifestyle amenities of Pacific Beach and Mission Beach. The neighborhood’s unique combination of a quieter residential environment and immediate access to San Diego’s coastal lifestyle has established Crown Point as a highly sought-after rental market. Residents can walk or bike to Mission Bay, Pacific Beach and Mission Beach, providing connectivity to some of the region’s most recognizable recreational and entertainment destinations. |