CBRE is pleased to present California Dreams Hostel, a rare opportunity to acquire two adjacent master-leased assets (until 2032) in the heart of Point Loma, one of San Diego’s most supply-constrained and desirable coastal submarkets. Located along Udall Street, these properties may be purchased individually or together, offering investors flexibility to target stable income, long-term appreciation, or a blended portfolio strategy. 3790 Udall Street is the 17-room hostel parcel (parcel 1) at ±5,032 SF situated on 4,825 SF of land, offering NNN income with minimal landlord responsibility. The property provides long-term, predictable cash flow with operator paying all operating expenses, including taxes, insurance, and maintenance, resulting in rent equal to NOI. The adjacent duplex at 3778–3880 Udall Street (parcel 2) is a fully renovated building totaling approximately 1,896 SF on 5,114 SF of land, featuring a desirable unit mix of one 3-bedroom/2-bath unit and one 2-bedroom/2-bath unit, both with modern finishes and garage parking. The duplex is leased through June 2028 (and ready for a lengthy extension based on buyer preference, currently renting at $6,500 per month, with 3% annual rent increases built into the lease structure. 3790 Udall Street | True NNN Investment | 17 Room-Hostel | $3,800,000 | 5.56% Cap Rate Master Lease Until 2032 & 3778–3880 Udall Street | Renovated Duplex with Long-Term Upside | $1,900,000;: $6,500/month Master Lease California Dreams Hostel Group has operated three of San Diego’s highest-reviewed budget properties continuously since 2017. Their flagship Lucky D’s holds the #1 TripAdvisor ranking out of 72 specialty lodging properties in San Diego — a Travelers’ Choice Award winner — and is one of the most-booked properties in the city. Multi-site operations across Pacific Beach, Ocean Beach, and Downtown demonstrate scalable brand management and consistent guest experience delivery.