Listing ID: 230000288
Price: $11,500,000
Status: ACTIVE
Address: 2874 B
City: San Diego
State: California
Postal Code: 92102
County: San Diego
San Diego
REDUCED PRICE! The Pacifica Apartments is a well-located asset with a desirable unit mix in a turn-key condition. Originally constructed in 1962, the property’s interior and exterior has been continuously improved. A future investor can immediately increase rents to market rents and take advantage of the continued broader regional market growth. Alternatively, an investor could complete a deeper renovation with additional amenities such as in-unit washer and dryers and raise rents significantly. Recent updates to the City of San Diego's development regulations, provides a unique redevelopment opportunity. The property is located in the Complete Communities Area, which would allow a developer to exceed height and density limits of the base zone. Located in the charming Golden Hill neighborhood and surrounding communities of Downtown and South Park, the area is a perfect balance of urban activity and quiet neighborhood charm. Residents are walking distance to restaurants, bars, coffee shops and retail. Proximate to several freeways including I-5, I-15 and the 94 Freeway.

Primary Features

County: San Diego
Price Before Reduction: 12000000
Price Reduction Date: 2023-01-25T21:42:48+00:00
Property Type: Commercial-Residential Income


Cooling: Wall/Window
Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Bedrooms (2): 1
Number of Bedrooms (3): 2
Number of Stories: 2
SqFt of Improvement: 21010
SqFt Source: Buyer to Verify
Unit Type: Apartment


Construction: Frame, Stucco
Entry Only: No
Exterior: Fully Landscaped
Number of Buildings: 1
Number of Units: 32
Number of Units (1): 6
Number of Units (2): 18
Number of Units (3): 8
Parking: Spaces
Parking Spaces Total: 23


Country: United States
Market Area: Metro Central
Zip/Area: SAN DIEGO (92102)


Age: 1962
Have: 32 Units
Mandatory Remarks: None Known


Actual Gross Scheduled Income: 636180
Actual Operating Expense: 273165
Cap Rate Actual: 3.12
Cap Rate Projected: 4.55
Financial Info Source: Owner
Gross Equity: 7400000
Gross Multiplier: 17.7
Price/Unit: 359375
Projected Gross Multiplier: 14.0
Sale/Rent: For Sale
Sales Restrictions: N/K
Unit Rent (1): 1382
Unit Rent (2): 1595
Unit Rent (3): 2001
Unit Rent Total (1): 8290
Unit Rent Total (2): 28715
Unit Rent Total (3): 16010

Zoning Info

Area Info

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Listing courtesy of Eric D. Comer, Broker

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