Listing ID: 230004686
Price: $6,295,000
Status: ACTIVE
Address: 3874-80 Riviera
City: San Diego
State: California
Postal Code: 92109
SqFt: 8,187
County: San Diego
San Diego
CA
92109
Incredible once-in-a-lifetime opportunity to acquire a six-unit trophy property directly on the sand in Sail Bay. The property exudes the pride of ownership, meticulously maintained over the last 18 years. The main unit boasts water views from every main living area, tons of natural light, 4 bedrooms and 2.5 bathrooms. Plenty of entertainment space with multiple balconies, patio, grass space, 3 living rooms/ family rooms and direct sand access to enjoy water activities. This one-of-a-kind property also includes (1) 2 bed/2.5 bath and (4) 1 bed/1 bath units, currently rented below market value rents. There is potential to increase the NOI by bringing all rents to market rates. The main 4 bed/2.5 bath unit is an extremely successful vacation rental, continuously booked year-round. Additional income from the laundry machines on the property. Each unit is individually metered for electricity, with a new roof installed in 2021. This property has been self-managed for the last 18 years by the current owners, ensuring exceptional care. This rare offering presents a unique opportunity to add a highly sought-after asset to your commercial real estate portfolio. Don't miss out on this chance to acquire a well-maintained property in a prime location.
Primary Features
County:
San Diego
Property Type:
Commercial-Residential Income
Interior
Cooling:
Other
Floor Covering:
Hardwood, Tile, Vinyl, Other/Remarks
Heating:
Central Forced Air Gas, Wall
Laundry:
Owned
Number of Baths (1):
2.5
Number of Baths (2):
2.5
Number of Baths (3):
1
Number of Baths (4):
1
Number of Baths (5):
1
Number of Bedrooms (1):
4
Number of Bedrooms (2):
2
Number of Bedrooms (3):
1
Number of Bedrooms (4):
1
Number of Bedrooms (5):
1
Number of Stories:
2
SqFt of Improvement:
5700
Unit Furnished (1):
n
Unit Furnished (2):
N
Unit Furnished (3):
n
Unit Furnished (4):
n
Unit Furnished (5):
n
External
Construction:
Drywall, Frame, Stucco
Entry Only:
No
Exterior:
None
Lot Size:
.25 Acres or less
Number of Buildings:
1
Number of Carports:
4
Number of Units:
6
Number of Units (1):
1
Number of Units (2):
2
Number of Units (3):
1
Number of Units (4):
1
Number of Units (5):
2
Number of Units w/Disposals:
6
Number of Units w/Ranges:
6
Number of Units w/Refrigerator:
6
Number Units w/Dishwashers:
6
Parking:
Carports
Parking Spaces Total:
9
Roof:
Composition
Location
Country:
United States
Market Area:
Coastal South
Zip/Area:
PACIFIC BEACH (92109)
Additional
Age:
1970
Amenities:
None
Class:
COMMERCIAL-RES INCOME
Have:
6 units, 8 car parking
Mandatory Remarks:
None Known
Financial
Actual Gross Scheduled Income:
352416
Actual Operating Expense:
$171,393
Cap Rate Actual:
2.71
Cap Rate Projected:
5.04
Financial Info Source:
Owner
Gross Equity:
6295000
Gross Multiplier:
17.86
Price/Unit:
1041666
Projected Gross Scheduled Income:
508176
Projected Operating Expense:
184073
Sale/Rent:
For Sale
Sales Restrictions:
N/K
Short Sale:
no
Tenant Pays Electric:
y
Tenant Pays Gas:
y
Tenant Pays Water:
n
Unit Rent (1):
17786
Unit Rent (2):
3290
Unit Rent (3):
1850
Unit Rent (4):
2090
Unit Rent (5):
2190
Unit Rent Total (1):
213460
Unit Rent Total (2):
39480
Unit Rent Total (3):
21400
Unit Rent Total (4):
39480
Unit Rent Total (5):
52560
Zoning Info
Area Info
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