1948 Emerald Street is a well-positioned 8-unit multifamily asset located in the highly coveted Pacific Beach neighborhood of San Diego. This rare offering presents investors with the opportunity to own a generational asset in one of the most sought-after coastal rental markets in the country. RARE 1980'S BUILDING WITH MODERN UPGRADES This rare 1980s-built property consists entirely of spacious 2-bedroom, 2-bathroom units—each offering private entryways and abundant natural light. Generous front and rear patios provide residents with desirable outdoor living space to enjoy San Diego’s year-round sunshine. Situated on an oversized 9,500-square-foot lot, the property includes 16 parking spaces (8 tandem), on-site laundry facilities, and a brand-new roof installed in 2025. Professionally owner-managed for over 30 years, the building has been well cared for and thoughtfully improved over time. Half of the units have undergone full renovations, featuring quartz countertops, modern cabinetry, stainless steel appliances, upgraded faucets, and sleek hard-surface flooring. Many units also include recessed lighting, renovated bathrooms with new vanities and sinks, and full bathtubs in both bathrooms. This combination of classic construction, modern upgrades, and tenant-friendly amenities makes the property an attractive long-term investment in one of San Diego’s most desirable rental markets. DESIRABLE PACIFIC BEACH RENTAL LOCATION Located just south of La Jolla and a 1.3-mile walk to the beach, 1948 Emerald Street sits in one of San Diego’s most sought-after rental markets. Residents are willing to pay a premium to enjoy the quintessential Southern California lifestyle that Pacific Beach offers—sun, surf, and a vibrant coastal atmosphere. In addition to its proximity to the Pacific Ocean, the neighborhood boasts abundant outdoor recreational opportunities and a lively, dynamic nightlife scene. CLOSE PROXIMITY TO MAJOR EMPLOYMENT HUBS San Diego is home to one of the most dynamic economies in the country, driven by innovation in biotech, healthcare, software, defense, clean technology, and aerospace. The property's Pacific Beach location is in close proximity to major employment and education hubs throughout the area, such as UC San Diego, University Town Center, and the Sorrento Valley, home to many of the world's leading biotech, high-tech and telecom pioneers. HIGH BARRIERS TO HOME OWNERSHIP With a cost of living index of 160.1—60% above the national average—San Diego remains one of the most expensive housing markets in the country. While the median household income stands at $95,637, above the national average, homeownership rem1BD/1BAains out of reach for many. In Pacific Beach, where the median home price is $965,925, approximately 69% of residents are renters.