Multifamily

Sunset Studios

2821 Morena Blvd, San Diego, CA 92117

Listing Price: $5,785,000

Cap Rate
3.53%
Number of Units
20
GRM
17.43
Occupancy
97.0%
Price/Unit
$289,250
Price/Gross SF
$569.95
Gross SF
10,150

Investment Overview

2821 Morena Boulevard, also known as Sunset Studios, is located at 2821 Morena Blvd, is a well maintained 20-unit multi-family offering in the highly sought after Bay Park neighborhood of San Diego, California. It is comprised of 20 large studios with 10 of the units facing westerly with expansive views of the popular Mission Bay. Built in 1977, the property rests on a 11,782 sq ft parcel and has approximately 10,150 in rentable sq ft.

The oversized Studio units feature large walk-in closets, has select units partially renovated, and has the potential to be converted to junior one-bedroom units. Attractive tenant offerings include: views of Mission Bay, close proximity to freeways and beaches, steps from a new trolley stop, on-site laundry, assigned off-street parking, on-site management, and secure gated access to the property. The property has been well maintained with upgrades such as solar light tubes in the 2nd floor hallway, vinyl double pane windows, and replacement hot water lines. Additionally, the all-electric units are separately metered for electric, the building has one main gas meter, one large water heater, 4 storage/utility rooms, and is secured on a raised foundation.

Given the highly desirable location of the property, this asset presents a unique opportunity for an investor to acquire a value- add asset with income and appreciation potential. Located along the new trolley line and within the new complete communities impact area, it is expected to see continual development and growth in the immediate area.

Investment Highlights

  • First Time on Market in 39 Years - Rare Bay Park Offering
  • Expansive Views of Mission Bay
  • 200 Yards from a New Trolley Stop & Minutes to the Bay/Beach
  • Value-Add Opportunity in a "Complete Communities" Impacted Zone
  • Large Walk-In Closets & Vinyl Double Pane Windows
  • (20) Off-Street Parking Spaces & On-Site Laundry

Exclusively Listed By

Listing Price: $5,785,000

Cap Rate
3.53%
Number of Units
20
GRM
17.43
Occupancy
97.0%
Price/Unit
$289,250
Price/Gross SF
$569.95
Gross SF
10,150

Investment Highlights

  • First Time on Market in 39 Years - Rare Bay Park Offering
  • Expansive Views of Mission Bay
  • 200 Yards from a New Trolley Stop & Minutes to the Bay/Beach
  • Value-Add Opportunity in a "Complete Communities" Impacted Zone
  • Large Walk-In Closets & Vinyl Double Pane Windows
  • (20) Off-Street Parking Spaces & On-Site Laundry

Investment Overview

2821 Morena Boulevard, also known as Sunset Studios, is located at 2821 Morena Blvd, is a well maintained 20-unit multi-family offering in the highly sought after Bay Park neighborhood of San Diego, California. It is comprised of 20 large studios with 10 of the units facing westerly with expansive views of the popular Mission Bay. Built in 1977, the property rests on a 11,782 sq ft parcel and has approximately 10,150 in rentable sq ft.

The oversized Studio units feature large walk-in closets, has select units partially renovated, and has the potential to be converted to junior one-bedroom units. Attractive tenant offerings include: views of Mission Bay, close proximity to freeways and beaches, steps from a new trolley stop, on-site laundry, assigned off-street parking, on-site management, and secure gated access to the property. The property has been well maintained with upgrades such as solar light tubes in the 2nd floor hallway, vinyl double pane windows, and replacement hot water lines. Additionally, the all-electric units are separately metered for electric, the building has one main gas meter, one large water heater, 4 storage/utility rooms, and is secured on a raised foundation.

Given the highly desirable location of the property, this asset presents a unique opportunity for an investor to acquire a value- add asset with income and appreciation potential. Located along the new trolley line and within the new complete communities impact area, it is expected to see continual development and growth in the immediate area.

Exclusively Listed By

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