Skip to main content

Multifamily

Beach Lofts at Oceanside

314 N Cleveland St, Oceanside, CA 92054

Listing Price: $10,450,000

Cap Rate
3.47%
Number of Units
12
Price/Unit
$870,833

Investment Overview

We are pleased to present the opportunity to acquire Beach Lofts at Oceanside, a newly constructed 12-unit luxury community located coastally, in the heart of downtown Oceanside, California. Beach Lofts at Oceanside offers investors a truly rare opportunity to acquire a newly constructed coastal asset in a high-growth North San Diego County submarket. The asset features 2021 construction and demonstrates a wide-ranging mix of spacious units averaging 1,224 square feet, with 7 townhomes, 3 flats (including one penthouse), 1 live/work, and 1 Accessory Dwelling Unit (ADU). The fluid design is innovative, finishes are stylish and luxurious, and the idyllic location is irreplaceable. The asset was built as a mixed-use property with 10 multifamily units over 2 street-level commercial suites and subterranean parking. The 10 multifamily units at floors 2 thru 4 are fully leased and average $4,080 per unit, monthly. The Owner is converting both street-level commercial suites into 1 live/work and 1 Accessory Dwelling Unit (ADU), and has internally queued the creation of a potential ADU at the top floor, but it is to be assumed this ADU will not be completed by closing. Monthly rent for the commercial-to-multifamily unit and ADUs are projected to average $2,495 per unit. By adapting the commercial space and capturing premium multifamily income, and simplifying operations, the asset is more economically viable and will become a meaningfully more attractive investment for generations to come. Overall, the submarket’s rents have grown by 15% in the past year and the 1.7% vacancy rate is trending at an all-time low. In the submarket, CoStar projects 7% rent growth in 2022, 8% in 2023, and 6% year-over-year average rent growth over the next 5 years. Average in-place rents at the asset are stabilized, and this newly constructed property is currently exempt from rent control measures because it is under 15 years old. Notably, the downtown Oceanside district is steeped in many new development projects, including luxury condominiums, beachfront hotels, timeshares, retail, and commercial space. The 78 Corridor boasts one of the most diverse, dynamic economies in the country, with high paying technical manufacturing jobs fortified by ViaSat, Genentech, Ionis Pharmaceuticals, and Fisher Scientific. Camp Pendleton, with its large daily population of 80,000 personal, also contributes significantly to the inelastic source of demand for housing. The quality of life in downtown Oceanside is unparalleled. Residents enjoy short walks to sandy beaches, cafes, a burgeoning dining scene, boutiques, luxury beachfront accommodations, and a wide array of outdoor activities. The Oceanside Pier, just 3 blocks away, and Harbor Village, less than 1 mile away, are icons in Oceanside and serve as a backdrop for significant events. The Oceanside Transit Center, conveniently 3 blocks away, is Oceanside’s transportation hub. Amtrack, Metrolink, SPRINTER, and COASTER trains connect downtown Oceanside to the 78 Corridor, multiple Tier 1 employment centers countywide, including downtown San Diego, and beyond to Orange County, Los Angeles, and the rest of the nation.

Investment Highlights

  • Trophy asset completed in 2021; desirable 4-story state-of-the-art steel-framed construction, and innovative design showcasing versatile open concept living with shared outdoor spaces
  • Prime coastal location; only 3-blocks from the stunning Southern California shoreline, and the historic Oceanside Pier, buzzing with activity around the clock
  • Idyllic site orientation boasting a 92 Walk Score, in a lively historic district with cafes, burgeoning dining scene, boutiques, luxury accommodations, and wide array of entertainment and activities
  • Contemporary floorplans ranging from 450 to 2,215 square feet of living area, with penthouse, townhome, loft, Live/Work, and Accessory Dwelling Unit (ADU) options
  • Unparalleled quality of life along the 78 Corridor, where the surf meets a powerhouse of economic impact, fortified by prominent to emerging companies exceeding 265,000 jobs
  • Convenient access to high quality transportation only 3-blocks away at the Oceanside Transit Center; Amtrak, Metrolink, SPRINTER, and COASTER trains – locally, regionally, and nationally
  • Stabilized market-rate asset with no affordable housing requirements and exempt from rent control measures as the asset is newly constructed and under 15 years old
  • Luxury living amenities include 9-to -12 foot ceilings, oversized windows with plenty of sunlight, kitchen islands with power, in-unit washer/dryer, split HVAC system, tankless water heater, etc.

Exclusively Listed By

Financing By

Multifamily

Beach Lofts at Oceanside

Listing Price: $10,450,000

Cap Rate
3.47%
Number of Units
12
Price/Unit
$870,833

Investment Highlights

  • Trophy asset completed in 2021; desirable 4-story state-of-the-art steel-framed construction, and innovative design showcasing versatile open concept living with shared outdoor spaces
  • Prime coastal location; only 3-blocks from the stunning Southern California shoreline, and the historic Oceanside Pier, buzzing with activity around the clock
  • Idyllic site orientation boasting a 92 Walk Score, in a lively historic district with cafes, burgeoning dining scene, boutiques, luxury accommodations, and wide array of entertainment and activities
  • Contemporary floorplans ranging from 450 to 2,215 square feet of living area, with penthouse, townhome, loft, Live/Work, and Accessory Dwelling Unit (ADU) options
  • Unparalleled quality of life along the 78 Corridor, where the surf meets a powerhouse of economic impact, fortified by prominent to emerging companies exceeding 265,000 jobs
  • Convenient access to high quality transportation only 3-blocks away at the Oceanside Transit Center; Amtrak, Metrolink, SPRINTER, and COASTER trains – locally, regionally, and nationally
  • Stabilized market-rate asset with no affordable housing requirements and exempt from rent control measures as the asset is newly constructed and under 15 years old
  • Luxury living amenities include 9-to -12 foot ceilings, oversized windows with plenty of sunlight, kitchen islands with power, in-unit washer/dryer, split HVAC system, tankless water heater, etc.

Investment Overview

We are pleased to present the opportunity to acquire Beach Lofts at Oceanside, a newly constructed 12-unit luxury community located coastally, in the heart of downtown Oceanside, California. Beach Lofts at Oceanside offers investors a truly rare opportunity to acquire a newly constructed coastal asset in a high-growth North San Diego County submarket. The asset features 2021 construction and demonstrates a wide-ranging mix of spacious units averaging 1,224 square feet, with 7 townhomes, 3 flats (including one penthouse), 1 live/work, and 1 Accessory Dwelling Unit (ADU). The fluid design is innovative, finishes are stylish and luxurious, and the idyllic location is irreplaceable. The asset was built as a mixed-use property with 10 multifamily units over 2 street-level commercial suites and subterranean parking. The 10 multifamily units at floors 2 thru 4 are fully leased and average $4,080 per unit, monthly. The Owner is converting both street-level commercial suites into 1 live/work and 1 Accessory Dwelling Unit (ADU), and has internally queued the creation of a potential ADU at the top floor, but it is to be assumed this ADU will not be completed by closing. Monthly rent for the commercial-to-multifamily unit and ADUs are projected to average $2,495 per unit. By adapting the commercial space and capturing premium multifamily income, and simplifying operations, the asset is more economically viable and will become a meaningfully more attractive investment for generations to come. Overall, the submarket’s rents have grown by 15% in the past year and the 1.7% vacancy rate is trending at an all-time low. In the submarket, CoStar projects 7% rent growth in 2022, 8% in 2023, and 6% year-over-year average rent growth over the next 5 years. Average in-place rents at the asset are stabilized, and this newly constructed property is currently exempt from rent control measures because it is under 15 years old. Notably, the downtown Oceanside district is steeped in many new development projects, including luxury condominiums, beachfront hotels, timeshares, retail, and commercial space. The 78 Corridor boasts one of the most diverse, dynamic economies in the country, with high paying technical manufacturing jobs fortified by ViaSat, Genentech, Ionis Pharmaceuticals, and Fisher Scientific. Camp Pendleton, with its large daily population of 80,000 personal, also contributes significantly to the inelastic source of demand for housing. The quality of life in downtown Oceanside is unparalleled. Residents enjoy short walks to sandy beaches, cafes, a burgeoning dining scene, boutiques, luxury beachfront accommodations, and a wide array of outdoor activities. The Oceanside Pier, just 3 blocks away, and Harbor Village, less than 1 mile away, are icons in Oceanside and serve as a backdrop for significant events. The Oceanside Transit Center, conveniently 3 blocks away, is Oceanside’s transportation hub. Amtrack, Metrolink, SPRINTER, and COASTER trains connect downtown Oceanside to the 78 Corridor, multiple Tier 1 employment centers countywide, including downtown San Diego, and beyond to Orange County, Los Angeles, and the rest of the nation.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower