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


This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, noncommercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2023 San Diego MLS. Data updated on Monday, January 30th, 2023 06:20:58 AM.
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Listing courtesy of Eric D. Comer, Broker

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