Listing ID: 230001102
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. Comprised of (3) 2-bedroom/1-bathroom units and (5) 1-bedroom/1-bathroom units. In addition, this property has two double garages facing the alley with plans approved by the city to add two ADU studio units. Currently one of the unit’s interiors has been recently renovated and the other seven recently refreshed. Exterior renovations include new paint, dual pane vinyl windows, and drought tolerant landscaping. The property is currently fully furnished and rented as short-term vacation rentals. Investors may continue to operate as is, rent as monthly rentals, or continue renovating 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: 307800
Actual Operating Expense: 92793
Cap Rate Actual: 4.35
Cap Rate Projected: 5.25
Gross Equity: 4995000
Gross Multiplier: 16.23
Price/Unit: 624375
Projected Gross Multiplier: 13.97
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Unit Rent (1): 3900
Unit Rent (2): 3750
Unit Rent (3): 2850

Zoning Info


Area Info


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Listing courtesy of Marcus & Millichap

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