Investment Overview

Marcus & Millichap is pleased to present for sale 948 D Avenue, a value-add apartment building located on Coronado Island. Resting on a 6,875 SF lot, this 7-unit property was constructed in 1913 and is centrally located within Coronado. This asset has 2 buildings on its lot. The front building is comprised of (2) Studio units, (2) 1-Bedroom/1-Bathroom units, and (1) Studio unit that also includes a loft. The back building features (2) 2-Bedroom/1-Bathroom units above (4) single car garages. The property also has amenities such as a common laundry room and storage units. Long term ownership with several long-term tenants creates a unique opportunity for the next owner to dramatically improve operations through renovating units and maximizing rental income. Another strategy an investor may consider beyond repositioning the property is taking advantage of California’s Mills Act Program. The Mills Act Program allows for a potential savings in property taxes for eligible properties. Being in the heart of Coronado, this offering is within walking distance of all the unique attractions the city has to offer, from white sand beaches to signature shops, bars, and restaurants located on Orange Avenue. The city of Coronado is one of the most exclusive real estate markets in California and has one of the lowest vacancy rates in the country, making 948 D Avenue a generational asset poised for appreciation.