Listing ID: 230002968
Price: $11,775,000
Address: 4088 Crown Point Drive
City: san Diego
State: California
Postal Code: 92109
SqFt: 9,790
Acres: 0.230
County: San Diego
san Diego
Rare Opportunity to acquire 20 Bay Front Apartment Units in the Crown Point section of Pacific Beach! Long Term Ownership has done an exceptional job in maintaining and improving the building over the years. Many recent Capital Improvements should ensure a property with little to no deferred maintenance. Great unit mix of mostly 2BR/2Bath units. Plenty of off-street parking spaces. Immediate Upside in income (Low Rents, Currently no Utility Reimbursement Program in Place, Tenants not paying for parking, etc.). Long term tenants. New Windows & Sliders, New Roof 2022, Multiple Units upgraded with new flooring, appliances, cabinets, etc. Seller may consider Financing a 1st or 2nd Note.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income
Zoning: Commercial


Laundry: Leased
Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 2
Number of Bedrooms (2): 1
Number of Bedrooms (3): 2
Number of Stories: 4
SqFt of Improvement: 14964
SqFt Source: Buyer to Verify
Unit Type: Apartment


Construction: Block, Stucco
Entry Only: No
Lot Size: 1.5 through 2.5 Acres
Number of Buildings: 1
Number of Carports: 12
Number of Units: 20
Number of Units (1): 6
Number of Units (2): 4
Number of Units (3): 10
Number of Units w/Disposals: 20
Number of Units w/Drapes: 20
Number of Units w/Ranges: 20
Number of Units w/Refrigerator: 20
Number Units w/Dishwashers: 20
Parking: Carports, Spaces
Parking Spaces Total: 29
Roof: Composition


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


Age: 1976
Amenities: Elevator
Have: 20 Apartment Units
Mandatory Remarks: None Known


Actual Gross Scheduled Income: 493720
Actual Operating Expense: 220472
Actual Other Income: 2500
Cap Rate Projected: 4.82
Gross Equity: 11750000
Gross Multiplier: 23.97
Monthly Rent Total: 40935
Number of Leased Apartments: 20
Other Income Amount: 2500
Other Income Source: Laundry
Price/Unit: 588750
Projected Gross Multiplier: 14.6
Projected Gross Scheduled Income: 806400
Projected Net Income: 567127
Projected Operating Expense: 232081
Projected Other Income: 17000
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Tenant Pays Electric: y
Tenant Pays Gas: y
Tenant Pays Water: n
Terms: Owner May Carry 1st, Owner May Carry 2nd
Unit Rent (1): 1395-2100
Unit Rent (2): 1750-2065
Unit Rent (3): 1160-3295
Unit Rent Total (1): 9700
Unit Rent Total (2): 7415
Unit Rent Total (3): 23820

Zoning Info

Area Info

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Listing courtesy of Marcus & Millichap

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