2003 Emerald St - Apartments FOR SALE


San Diego, CA 92109- Pacific Beach
$4,000,000 USD
858-395-6935
2003 Emerald St, San Diego, CA for Sale
$4,000,000 USD
Apartments - FOR SALE
1/19
null | 3.9% Cap Rate

2003 Emerald St
San Diego, CA 92109
Pacific Beach


HIGHLIGHTS

  • Eight-unit apartment community located on a corner lot in Pacific Beach.
  • Six residences have been renovated, with two remaining value-add opportunities.
  • Dedicated parking is provided for every unit.
  • Walkable location near dining, retail, grocery, and beach amenities.
  • Opportunity to enhance income through utility reimbursement improvements.
  • Convenient access to major employment centers and regional transportation routes.

OVERVIEW

Eight unit apartment building on a corner lot in Pacific Beach. Built in 1966 and meticulously maintained. Unit mix is six 1BD/1BA and two 2BD/1BA averaging approximately 650 square feet. One dedicated parking space per unit. Six of eight units renovated. Two units have in unit washer and dryer. Current rents approximately 11% below market. Utilities are currently billed at a low flat rate, leaving upside through SDG&E submetering or a market level RUBS program. 89 Walk Score with retail, grocery, and dining within walking distance. Pacific Beach submarket vacancy is 4.2% versus 6.1% countywide, with only 60 units under construction submarket wide and trailing twelve month rent growth near three times the San Diego average. Contact broker for offering memorandum, rent roll, and financials.

FOR SALE DETAILS

PRICE

$4,000,000 USD

PRICE/SF

$796 USD /SF

# OF UNITS

8

PRICE/UNIT

$500,000

CAP RATE

3.9%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1966

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,247 SF

ZONING

RM-1-1

APN/PARCEL ID

416-542-10

ASK ABOUT THIS PROPERTY

Erik AndersonNewmarkMore Info
858-395-6935

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Erik AndersonNewmarkMore Info
858-395-6935

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.