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Multifamily

3121-23 Emerson St

3121-23 Emerson St, San Diego, CA 92106

Listing Price: $1,850,000

Cap Rate
5.67%
Number of Units
3
GRM
13.29
Occupancy
97.0%
Price/Unit
$616,667
Price/Gross SF
$1,118.50
Gross SF
1,654

Investment Overview

We are thrilled to present an exceptional investment opportunity at 3121 Emerson St, nestled in the highly sought-after Roseville neighborhood of Point Loma, San Diego, California. This captivating property comprises a 3-unit apartment complex constructed in 1950, featuring one 2 Bed / 1 Bath house, one 1 Bed / 1 Bath unit, and one non-conforming Studio / 1 Bath, which could easily be converted back into a third bedroom for the main house. The current ownership has maintained top-of-market rents by doing contract Airbnb rentals for 4-6 month periods at a time. All units have undergone extensive renovations, boasting new stainless-steel appliances, updated kitchens, bathrooms, and in-unit laundry for the 1 and 2-bedroom units. Each unit also has its own private entrance, and the main house includes an attached single-car garage. With an impressive Walk Score of 86, the property offers excellent walkability to local amenities and is conveniently located just four blocks from the picturesque Shelter Island.

Located in a prime coastal area, the property has undergone extensive remodeling and benefits from self-management. Its proximity to the 8 and 5 freeways enhances accessibility and commuting, making it an exceptional turn-key asset in one of San Diego’s top coastal rental markets. High demand and significant growth potential make this an attractive investment opportunity. Here, investors have the chance to own a piece of San Diego’s coastal allure while leveraging the substantial rental growth prospects in a community celebrated for its relaxed atmosphere and picturesque surroundings.

The base zoning RM-3-7 allows a FAR of 1.8, enabling up to 9,162 square feet of construction for roughly 7-10 units. For more ambitious development, leveraging San Diego's Coastal Zone and Coastal Height Overlay Zone increases FAR to 2.5, permitting up to 12,725 square feet and the potential to build 5-15 units. This flexibility offers significant value for strategic investors.

The home is exquisitely furnished with high-end furniture, and it can be sold furnished, depending on the purchase price. This is an exceptional opportunity for those looking to invest in a truly remarkable property in a prime location.

Investment Highlights

  • Turn-Key High Rental Income Opportunity
  • High-end Appliances and Interior Renovations
  • Within a few Minutes' Drive to Major Employment Centers and Local Beaches
  • Development Potential - Base Zoning RM-3-7 FAR 1.8 OR Complete Communities - Coastal Zone - 2.5 FAR
  • Each unit has its Own Private Entrance and Patio
  • The Home may be Sold Fully Furnished depending on the Purchase Price

Exclusively Listed By

Financing By

Multifamily

3121-23 Emerson St

Listing Price: $1,850,000

Cap Rate
5.67%
Number of Units
3
GRM
13.29
Occupancy
97.0%
Price/Unit
$616,667
Price/Gross SF
$1,118.50
Gross SF
1,654

Investment Highlights

  • Turn-Key High Rental Income Opportunity
  • High-end Appliances and Interior Renovations
  • Within a few Minutes' Drive to Major Employment Centers and Local Beaches
  • Development Potential - Base Zoning RM-3-7 FAR 1.8 OR Complete Communities - Coastal Zone - 2.5 FAR
  • Each unit has its Own Private Entrance and Patio
  • The Home may be Sold Fully Furnished depending on the Purchase Price

Investment Overview

We are thrilled to present an exceptional investment opportunity at 3121 Emerson St, nestled in the highly sought-after Roseville neighborhood of Point Loma, San Diego, California. This captivating property comprises a 3-unit apartment complex constructed in 1950, featuring one 2 Bed / 1 Bath house, one 1 Bed / 1 Bath unit, and one non-conforming Studio / 1 Bath, which could easily be converted back into a third bedroom for the main house. The current ownership has maintained top-of-market rents by doing contract Airbnb rentals for 4-6 month periods at a time. All units have undergone extensive renovations, boasting new stainless-steel appliances, updated kitchens, bathrooms, and in-unit laundry for the 1 and 2-bedroom units. Each unit also has its own private entrance, and the main house includes an attached single-car garage. With an impressive Walk Score of 86, the property offers excellent walkability to local amenities and is conveniently located just four blocks from the picturesque Shelter Island. Located in a prime coastal area, the property has undergone extensive remodeling and benefits from self-management. Its proximity to the 8 and 5 freeways enhances accessibility and commuting, making it an exceptional turn-key asset in one of San Diego’s top coastal rental markets. High demand and significant growth potential make this an attractive investment opportunity. Here, investors have the chance to own a piece of San Diego’s coastal allure while leveraging the substantial rental growth prospects in a community celebrated for its relaxed atmosphere and picturesque surroundings. The base zoning RM-3-7 allows a FAR of 1.8, enabling up to 9,162 square feet of construction for roughly 7-10 units. For more ambitious development, leveraging San Diego's Coastal Zone and Coastal Height Overlay Zone increases FAR to 2.5, permitting up to 12,725 square feet and the potential to build 5-15 units. This flexibility offers significant value for strategic investors. The home is exquisitely furnished with high-end furniture, and it can be sold furnished, depending on the purchase price. This is an exceptional opportunity for those looking to invest in a truly remarkable property in a prime location.

Exclusively Listed By

Financing By

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