Investment Overview

Zorbas, Huffman, & Partners of Marcus & Millichap is pleased to present 1232 Division St, a well maintained 6-unit apartment complex located in the coastal neighborhood of Oceanside, San Diego. The property is comprised of one (1) studio, two (2) one-bedroom/ one-bathroom units, two (2) two-bedroom units, and one (1) three-bedroom unit that total approximately 5,400 rentable square feet. The property contains three (3) single-car garages. All units are separately metered for electric and on one meter for water. RUBs are in-place. Overall, Oceanside’s rents have grown by 10.8% in the past year and the 2.0% vacancy rate is trending at an all-time low. The property presents the potential to capture significant rent premiums by leveraging rental market momentum and executing an interior and exterior renovation program. 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 and Harbor Village are icons in Oceanside and serve as a backdrop for significant events. The Oceanside Transit Center, conveniently less than 1 mile 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. This property is an opportunity for an investor to purchase a true value add investment minutes away from the Pacific Ocean and in one of the strongest submarkets on the forefront of rental growth in the county.