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Multifamily

2040 Francisco Blvd

2040 Francisco Blvd, Pacifica, CA 94044

Listing Price: $5,500,000

Cap Rate
5.69%
Number of Units
13
Price/Unit
$423,077
Price/Gross SF
$940.49
Gross SF
5,848

Investment Overview

2040 Francisco Blvd. in Pacifica presents the opportunity to acquire a building in a great Pacifica location that has not been on the market in decades. The property consists of a wood frame building over a concrete podium with flat mineral coating roofs, built in 1960, with a unit mix of one studio unit and twelve one-bedroom/one- bathroom units. On site amenities include laundry hookups (currently not used), a garage and storage. All units have had new, double pane windows installed. Two of the units have had new vinyl plank floors installed. There is upside in stabilizing the rents at the levels already achieved, and even more upside in renovating all units and leasing them at market. Additional upside is possible through monetizing the existing storage and bringing the garage rent to market, and through instituting a RUBS program to partially recapture the cost of utilities Unlike other Peninsula cities, development of new multi-family rental units in Pacifica is extremely restricted. Due to the constrained supply, the outlook for existing apartment units in Pacifica is strong. Average household income in two-mile radius is $160,627, and many residents commute to San Francisco. The property is located two blocks away from the Pier and in the middle of downtown Pacifica, surrounded by various dining and entertainment options. It is walking distance to the Ingrid Lacy Middle School and Oceana High School, as well as the just renovated Eureka Square shopping center. It is only a 30-minute drive from San Francisco’s Financial District. 2040 Francisco Blvd. presents a rare opportunity to acquire a quality, well-located multi-family asset with upside in a supply constrained market with very low trading velocity.

Investment Highlights

  • Great Downtown Pacifica Location
  • Ocean Views
  • Upside in Stabilizing Rents

Exclusively Listed By

Multifamily

2040 Francisco Blvd

Listing Price: $5,500,000

Cap Rate
5.69%
Number of Units
13
Price/Unit
$423,077
Price/Gross SF
$940.49
Gross SF
5,848

Investment Highlights

  • Great Downtown Pacifica Location
  • Ocean Views
  • Upside in Stabilizing Rents

Investment Overview

2040 Francisco Blvd. in Pacifica presents the opportunity to acquire a building in a great Pacifica location that has not been on the market in decades. The property consists of a wood frame building over a concrete podium with flat mineral coating roofs, built in 1960, with a unit mix of one studio unit and twelve one-bedroom/one- bathroom units. On site amenities include laundry hookups (currently not used), a garage and storage. All units have had new, double pane windows installed. Two of the units have had new vinyl plank floors installed. There is upside in stabilizing the rents at the levels already achieved, and even more upside in renovating all units and leasing them at market. Additional upside is possible through monetizing the existing storage and bringing the garage rent to market, and through instituting a RUBS program to partially recapture the cost of utilities Unlike other Peninsula cities, development of new multi-family rental units in Pacifica is extremely restricted. Due to the constrained supply, the outlook for existing apartment units in Pacifica is strong. Average household income in two-mile radius is $160,627, and many residents commute to San Francisco. The property is located two blocks away from the Pier and in the middle of downtown Pacifica, surrounded by various dining and entertainment options. It is walking distance to the Ingrid Lacy Middle School and Oceana High School, as well as the just renovated Eureka Square shopping center. It is only a 30-minute drive from San Francisco’s Financial District. 2040 Francisco Blvd. presents a rare opportunity to acquire a quality, well-located multi-family asset with upside in a supply constrained market with very low trading velocity.

Exclusively Listed By

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