Listing ID: 220027677
Price: $4,995,000
Status: ACTIVE
Address: 1478 Hornblend St
City: San Diego
State: California
Postal Code: 92109
County: San Diego
San Diego
CA
92109
1478 Hornblend St will be delivered VACANT so you can immediately set market rents with no evictions. Approved plans and permits to convert the garages to (2) studio units, approx. 420 SF each, will transfer with the sale making this property 10 units total. This asset is currently operated as an 8-unit short-term vacation rental. *6.24% cap rate is based on current short-term vacation rentals. Call or email for more details. Comprised of (3) 2-bedroom/1-bathroom units and (5) 1-bedroom/1-bathroom units, this property has two double garages facing the alley that can be converted into (2) ADU studio units. One of the unit’s interiors was highly renovated and the other seven were lightly remodeled in 2022. The property is fully furnished and can convey with the sale. Investors may continue to operate as is, rent on annual leases, or further improve the property increasing rents even further.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income

Interior

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
Number of Stories: 2
SqFt of Improvement: 5120

External

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

Location

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

Additional

Age: 1969
Class: COMMERCIAL-RES INCOME
Have: 8 Units
Mandatory Remarks: None Known

Financial

Actual Gross Scheduled Income: 586224
Actual Operating Expense: 163230
Cap Rate Actual: 6.24
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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