849-855 Emerald Street is a seven-unit multifamily property one and a half blocks from the sand in Pacific Beach, San Diego. Built in 1978 and substantially renovated in 2018, the building sits on a 6,250 SF lot west of I-5. It has four two-bedroom flats and three one-bedroom flats across 4,930 rentable SF. A documented capital program ran from 2021 through February 2026. Parking includes two garages and six surface stalls. Zoning is RM-1-1. The price is reduced to $4,595,000 from $4,875,000, now $656,429 per unit and $932 per SF. In-place rents sit roughly 38% below stabilized market, and that gap is the thesis: a 4.18% going-in yield on $192,237 of in-place NOI, with a defined route to a 6.33% pro forma yield on $290,844 of stabilized NOI. The upside comes on natural turnover with targeted unit refresh, not a full repositioning. Two of the four two-bedroom units retain original kitchens. Units 851 and 853 have ocean views from the upper floor and currently rent near parity with the non-view units. Unit 855-1/2 A will be delivered vacant at close. That gives immediate access to the highest-return renovation in the building and a direct path from $2,895 in place to the $3,475 market one-bedroom rate. An assumable loan of approximately $1.2M at 3.6% may be available to a qualifying buyer, roughly 290 basis points below current market rates for new debt. Longer term, the two garages could be converted to accessory dwelling units, subject to feasibility and city approval. This is a generational beach-block holding on a stretch where coastal-zone limits cap new supply and owners rarely sell. Pro forma reflects stabilized market rents and is subject to verification. NOI figures reflect property tax reassessed at the offering price. Square footages are estimates pending measurement and permit verification. Loan assumption is subject to lender confirmation and approval and does not constitute a financing commitment. Buyer to independently verify all figures.