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
CA
92102
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
Interior
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
External
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
Location
Country:
United States
Market Area:
Metro Central
Zip/Area:
SAN DIEGO (92102)
Additional
Age:
1962
Class:
COMMERCIAL-RES INCOME
Have:
32 Units
Mandatory Remarks:
None Known
Financial
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
Request More Information - Listing ID 230000288
Data services provided by IDX Broker
