380 Esplanade Ave - Apartments FOR SALE


Pacifica, CA 94044- Edgemar-Pacific Manor
$28,250,000 USD
650-492-0934
380 Esplanade Ave, Pacifica, CA for Sale
$28,250,000 USD
Apartments - FOR SALE
1/23
null | 6.43% Cap Rate

380 Esplanade Ave
Pacifica, CA 94044
Edgemar-Pacific Manor


HIGHLIGHTS

  • Investors have the opportunity to acquire one of eight oceanfront multifamily properties along the coastline of Pacifica.
  • Offers tenants and residents beautifully designed three-bedroom, two-bedroom, one-bedroom and studio floor plans that feature modern amenities.
  • Tenants enjoy attractive community amenities including private parking, electric vehicle charging, an on-site fitness center and a resident lounge.
  • The subject property has recently undergone significant interior and exterior renovations costing approximately $1.95 million.
  • The subject property has recently been reinforced with a quarry stone revetment and a soil nail wall costing nearly $7.5 million.

OVERVIEW

The Bluffs at Pacifica is a beautiful 63-unit oceanfront apartment community located at 360 & 380 Esplanade Ave in the thriving city of Pacifica, California. Situated on a large 3.26 acre parcel of land, the subject property was originally constructed in 1963/1965 and has a gross building area of approximately 57,367 square feet, offering its tenants beautifully designed three-bedroom, two-bedroom, one-bedroom and studio floor plans. Additionally, tenants at The Bluffs at Pacifica enjoy access to many convenient community amenities including private parking, electric vehicle charging, an on-site fitness center and a resident lounge. The subject property has undergone significant interior and exterior capital improvements amounting to approximately $1.95 million. Interior improvements include upgraded kitchens, bathrooms, stainless steel appliances, granite countertops, smart thermostats, smart door locks, in-unit washer and dryers, and elegant wood floor finishes throughout, offering tenants a range of modern in-unit amenities. Furthermore, current ownership has invested nearly $7.5 million in reinforcing the bluffs below the premises totaling expenditures to approximately $9.45 million. The investment appeal of this asset is driven by Pacifica’s strong employment fundamentals and low vacancy levels. With a world-class location in the heart of San Francisco’s Bay Area, The Bluffs at Pacifica presents an attractive choice for Peninsula renters due to close proximity to major employers, transportation corridors, shopping, dining and entertainment options.

FOR SALE DETAILS

PRICE

$28,250,000 USD

PRICE/SF

$492 USD /SF

# OF UNITS

64

PRICE/UNIT

$441,406

CAP RATE

6.43%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Bluffs at Pacifica Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1963

PARKING SPACES

63

LAND DETAILS

LAND ACRES

2.78 AC

LAND SF

120,953 SF

ZONING

R30000, Pacifica

APN/PARCEL ID

009-131-060,009-413-060

ASK ABOUT THIS PROPERTY

Adam LevinLevin JohnstonMore Info
650-492-0934

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Adam LevinLevin JohnstonMore Info
650-492-0934

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