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Multifamily

1478 Hornblend St

1478 Hornblend St, San Diego, CA 92109

Listing Price: $4,995,000

Cap Rate
6.23%
Number of Units
8
Occupancy
81.0%
Price/Unit
$624,375
Price/Gross SF
$975.59
Gross SF
5,120

Investment Overview

Marcus & Millichap is pleased to present for sale an 8-unit value add apartment complex in the Pacific Beach neighborhood of San Diego. Constructed in 1969, this property rests on a 6,240 SF lot and offers 5,120 of rentable SF. 1478 Hornblend St is comprised of (3) 2-bedroom/1-bathroom units and (5) 1-bedroom/1-bathroom units. In addition, this property has two double garages facing the alley that may have potential to be converted into two ADU studio units. Currently one of the unit’s interiors has been recently renovated and the other seven lightly renovated within the last few months. Exterior renovations include new paint, dual pane vinyl windows, and drought tolerant landscaping. The property is currently fully furnished and rented as short-term vacation rentals. Investors may continue to operate as is, rent as monthly rentals, or continue renovating the property increasing rents even further. Pacific Beach is one of San Diego’s most profitable rental markets which continues to attract high quality and reliable tenants. Located between the neighborhood’s two main streets, Grand Ave and Garnet Ave with a walk score of 96, this property is perfectly situated within a short walk to Pacific Beach’s top bars, restaurants, shops, and attractions. 1478 Hornblend St is very rare opportunity to acquire a value-add asset in one of Southern California’s most desirable coastal markets.

Investment Highlights

  • One Unit Renovated, All Others Lightly Renovated
  • Significant Rental Upside with Further Renovation
  • Fully Furnished Currently Operated as Short-Term Vacation Rentals
  • ADU Potential – May be Able to Convert Two Double Garages into Two ADU Studios
  • Walk Score 96 - Close to Local Shops, Bars, Restaurants, & Attractions

Exclusively Listed By

Financing By

Multifamily

1478 Hornblend St

Listing Price: $4,995,000

Cap Rate
6.23%
Number of Units
8
Occupancy
81.0%
Price/Unit
$624,375
Price/Gross SF
$975.59
Gross SF
5,120

Investment Highlights

  • One Unit Renovated, All Others Lightly Renovated
  • Significant Rental Upside with Further Renovation
  • Fully Furnished Currently Operated as Short-Term Vacation Rentals
  • ADU Potential – May be Able to Convert Two Double Garages into Two ADU Studios
  • Walk Score 96 - Close to Local Shops, Bars, Restaurants, & Attractions

Investment Overview

Marcus & Millichap is pleased to present for sale an 8-unit value add apartment complex in the Pacific Beach neighborhood of San Diego. Constructed in 1969, this property rests on a 6,240 SF lot and offers 5,120 of rentable SF. 1478 Hornblend St is comprised of (3) 2-bedroom/1-bathroom units and (5) 1-bedroom/1-bathroom units. In addition, this property has two double garages facing the alley that may have potential to be converted into two ADU studio units. Currently one of the unit’s interiors has been recently renovated and the other seven lightly renovated within the last few months. Exterior renovations include new paint, dual pane vinyl windows, and drought tolerant landscaping. The property is currently fully furnished and rented as short-term vacation rentals. Investors may continue to operate as is, rent as monthly rentals, or continue renovating the property increasing rents even further. Pacific Beach is one of San Diego’s most profitable rental markets which continues to attract high quality and reliable tenants. Located between the neighborhood’s two main streets, Grand Ave and Garnet Ave with a walk score of 96, this property is perfectly situated within a short walk to Pacific Beach’s top bars, restaurants, shops, and attractions. 1478 Hornblend St is very rare opportunity to acquire a value-add asset in one of Southern California’s most desirable coastal markets.

Exclusively Listed By

Financing By

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