Listing ID: 220009042
Price: $4,995,000
Status: ACTIVE
Address: 1478 Hornblend St
City: San Diego
State: California
Postal Code: 92109
County: San Diego
San Diego
Pleased to present for sale an 8-unit value add apartment complex in the Pacific Beach neighborhood of San Diego. Constructed in 1969, this property rests on a 6,240 SF lot and offers 5,120 of rentable SF. 1478 Hornblend St is comprised of (3) 2-bedroom/1-bathroom units and (5) 1-bedroom/1-bathroom units. In addition, this property has two double garages facing the alley that can converted into two ADU studio units. One of the unit’s interiors has been recently renovated and the other seven lightly renovated within the last few months. The property is fully furnished and currently rented as short-term vacation rentals. Investors may continue to operate as is, rent as monthly rentals, or further renovate the property to increase rents. *6.23% cap rate is based on current operations as short term vacation rentals.

Primary Features

County: San Diego
Price Before Reduction: 5100000
Price Reduction Date: 2022-06-30T20:12:50+00:00
Property Type: Commercial-Residential Income


Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Bedrooms (1): 2
Number of Bedrooms (2): 2
Number of Bedrooms (3): 1
SqFt of Improvement: 5120


Entry Only: No
Number of Units: 8
Number of Units (1): 1
Number of Units (2): 2
Number of Units (3): 5


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


Have: 8 Units
Mandatory Remarks: None Known


Actual Gross Scheduled Income: 586224
Actual Operating Expense: 164021
Cap Rate Actual: 6.23
Gross Equity: 4995000
Gross Multiplier: 8.52
Price/Unit: 624375
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Unit Rent (1): 9155
Unit Rent (2): 6456
Unit Rent (3): 5357

Zoning Info

Area Info

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Listing courtesy of Marcus & Millichap

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