Listing ID: 230004013
Price: $6,900,000
Status: ACTIVE
Address: 1468 1st Ave
City: San Diego
State: California
Postal Code: 92101
SqFt: 6,125
County: San Diego
San Diego
MOTIVATED SELLER - OFFERS WELCOME A truly iconic piece of San Diego history - a first time to market legacy asset in an A+ location. 1468 1st Ave is a SRO property comprised of 34 units and one office space. Each unit has undergone significant recent renovations including new flooring, vanities, ceiling fans, windows, and more. A select 8 units also come with their own bathroom. Each floor has its own kitchen space and bathroom + shower space. Upgrades to the exterior and continued sprucing up of interiors will allow a new owner to capture upwards of 50% rental upside. Or, given the rare component of the last remaining lots in downtown that can be developed, this property is sure to garner developer interest as well. The location is truly second to none, bordering the Little Italy and central San Diego Downtown districts. This building can be sold with or separate from 1445 Front St, located on the same block. The Seller is motivated, prime and ready to 1031 exchange into another market and retire. Take the opportunity to own a legacy piece of real estate in America's finest city.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income
Zoning: Hotel/Mote


Number of Baths (1): 8
Number of Bedrooms (1): 34
Number of Stories: 3
SqFt of Improvement: 6125


Entry Only: Yes
Number of Buildings: 1
Number of Units: 34
Number of Units (1): 34


Country: United States
Market Area: Metro Central
Zip/Area: SAN DIEGO DOWNTOWN (92101)


Age: 1913
Have: Units
Mandatory Remarks: None Known


Actual Gross Scheduled Income: 397380
Actual Operating Expense: 207992
Cap Rate Actual: 2.57
Cap Rate Projected: 5.44
Gross Multiplier: 17.36
Monthly Rent Total: 33115
Price/Unit: 202941
Projected Gross Multiplier: 11.27
Projected Gross Scheduled Income: $51,000
Projected Net Income: $375,239
Sale/Rent: For Sale
Sales Restrictions: N/K
Unit Rent (1): $895-$1,250

Zoning Info

Area Info

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Listing courtesy of The Browar Group

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