Listing ID: 210028605
Price: $7,257,500
Status: ACTIVE
Address: 715 Cohasset Court
City: San Diego
State: California
Postal Code: 92109
County: San Diego
San Diego
CA
92109
A++ LOCATION | 4% CAP RATE ON CURRENT & 4.3% CAP RATE ON TURNOVER! 715 Cohasset Court is a top quality coastal San Diego apartment property located in the A+ area of South Mission Beach, 100 steps to the boardwalk and Beach. This completely renovated 16 unit asset is fully stabilized with UPSIDE POTENTIAL. The immediate area has an average Household income of $127k/year and an average detached home sale price of $1.6MM ($1.45MM for attached condos). Interior renovations include quartz counter tops in kitchens and baths, white shaker cabinets in kitchen and baths, luxury vinyl plank flooring throughout, in-unit stackable washer/dryers, upscale front doors with key-less entries, modern paint, baseboards, molding and more. The exterior renovations include a new roof (with 10 year warranty), vinyl windows, stucco patch and repair, new paint (including front mural), new address sign, redesigned front elevation with landscaping, new code security gates, BBQ/lounge area and more. The property also includes a rooftop deck with 360 views of the Pacific Ocean and Sail Bay. This highly desirable property and location attracts an upscale resident with substantial income and credit rating. The property offers an opportunity for the long term investor to own a rarely offered, highly upgraded property in one of San Diego’s top beach locations. Contact Brokers for full Offering Memorandum.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income

Interior

SqFt of Improvement: 6980

External

Entry Only: No
Number of Units: 16

Location

Country: United States
Market Area: Coastal South
Zip/Area: PACIFIC BEACH (92109)

Additional

Class: COMMERCIAL-RES INCOME
Have: N/A
Mandatory Remarks: None Known

Financial

Actual Gross Operating Income: 436011
Actual Gross Scheduled Income: 430980
Actual Operating Expense: 145581
Actual Other Income: 22160
Actual Vacancy & Credit Loss: 17129
Cap Rate Actual: 4
Cap Rate Projected: 4.3
Gross Multiplier: 16
Price/Unit: 453594
Projected Gross Multiplier: 15.2
Projected Gross Operating Income: 458767
Projected Gross Scheduled Income: 454440
Projected Net Income: 312275
Projected Operating Expense: 146492
Projected Other Income: 22160
Projected Vacancy & Credit Los: 17833
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no

Zoning Info


Area Info


This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, noncommercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2019 San Diego MLS. Data updated on Tuesday, October 19th, 2021 06:11:42 PM.
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Listing courtesy of Colliers International

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