Listing ID: 220021477
Price: $7,750,000
Status: ACTIVE
Address: 2121 Thomas Ave
City: San Diego
State: California
Postal Code: 92109
Acres: 0.150
County: San Diego
San Diego
CA
92109
Welcome to Board House Villas. Situated in the sought-after beach community of Pacific Beach in San Diego, this highly renovated luxury beach complex consists of 10 meticulously renovated units. Originally constructed in 1970, this property has undergone an extensive modernization in 2022! The renovation to the building includes new windows, new roof, new concrete courtyard, fencing, and lighting. The sizzle comes with the 5 private roof top decks that were added with endless views of the bay! The interior work is next level with recessed lighting in the living rooms and kitchens, Full Size LG front load washers and dryers and mini-split air conditioning are in each unit, brand-new stainless-steel appliances, custom quartz countertops, custom kitchen cabinets, designer backsplashes and floating shelves. The flooring in the units is durable, 20 mil luxury vinyl plank. 1st floor units have custom roll-up doors that open to spacious patios! This property commanded some of the highest rents in Pacific Beach. All the Major systems were replaced and went through the rigorous City of San Diego Inspection and permit process.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income

Interior

Cooling: Central Forced Air Elec
Heating: Central Forced Air Elec
Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Bedrooms (1): 2
Number of Bedrooms (2): 1
Number of Stories: 2
SqFt of Improvement: 6609
SqFt Source: Buyer to Verify

External

Entry Only: No
Number of Buildings: 1
Number of Units: 10
Number of Units (1): 3
Number of Units (2): 5
Number of Units (3): 2

Location

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

Additional

Class: COMMERCIAL-RES INCOME
Have: 10 Units
Mandatory Remarks: None Known

Financial

Actual Gross Scheduled Income: 409200
Actual Operating Expense: 131464
Cap Rate Actual: 3.58
Cap Rate Projected: 4.08
Gross Equity: 775000
Gross Multiplier: 18.94
Price/Unit: 775000
Projected Gross Multiplier: 17.22
Sale/Rent: For Sale
Sales Restrictions: N/K
Unit Rent (1): 3,950
Unit Rent (2): 3,410
Unit Rent (3): 2,650

Zoning Info


Area Info


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Listing courtesy of Douglas Elliman of California

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