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Multifamily

Board House Villas

2121 Thomas Ave, San Diego, CA 92109

Listing Price: $7,750,000

Cap Rate
3.43%
Number of Units
10
Occupancy
97.0%
Price/Unit
$775,000
Price/Gross SF
$1,172.64
Gross SF
6,609

Investment Overview

Marcus & Millichap is pleased to present a rare opportunity to acquire a highly renovated, luxury community in the Pacific Beach neighborhood of San Diego. Board House Villas is comprised of 10 total apartment units offering 6,609 rentable square feet. Originally constructed as 8 units in 1970, this property has undergone an extensive renovation that was completed in April 2022. In addition, two large studio ADU units are currently under construction, set for delivery in August 2022. Board House Villas, located at 2121 Thomas Ave, is comprised of (3) 2-bedroom/1-bathroom units, (5) 1-bedroom/1-bathroom units, and (2) studio/1-bathroom units. Each unit is highly renovated with ducted air conditioning and heating, in-unit laundry, a modern design, and all high-end materials. Three of the first-floor units feature roll-up garage doors in the living room that open to large private patios for indoor/outdoor enjoyment. Second floor units feature private rooftop decks with bay views accessed by a custom floating stairway making for a one-of-a-kind apartment living in this coastal neighborhood. In addition to the many features added, the major systems have been replaced which were completed with City of San Diego building permits and inspections. Board House Villas offers investors the rare opportunity to acquire a turnkey property in one of San Diego’s most desirable rental markets. This stabilized asset is walking distance to Mission Bay and is positioned for long term appreciation and rent growth for the years to come. Pacific Beach is a high demand rental market with low vacancy rates because of the proximity to the beach, Mission Bay, and hundreds of local bars, shops, and attractions. This asset has been strategically renovated and positioned in market lacking luxury product with the investor’s longevity in mind.

Investment Highlights

  • One-of-a-kind High End Complete Renovation
  • Large Private Patios & Rooftop Decks with Bay Views
  • Major Systems Replaced and Up to Current Code
  • New Ducted Heating and Air Conditioning
  • Highly Desirable Pacific Beach Submarket

Exclusively Listed By

Financing By

Multifamily

Board House Villas

Listing Price: $7,750,000

Cap Rate
3.43%
Number of Units
10
Occupancy
97.0%
Price/Unit
$775,000
Price/Gross SF
$1,172.64
Gross SF
6,609

Investment Highlights

  • One-of-a-kind High End Complete Renovation
  • Large Private Patios & Rooftop Decks with Bay Views
  • Major Systems Replaced and Up to Current Code
  • New Ducted Heating and Air Conditioning
  • Highly Desirable Pacific Beach Submarket

Investment Overview

Marcus & Millichap is pleased to present a rare opportunity to acquire a highly renovated, luxury community in the Pacific Beach neighborhood of San Diego. Board House Villas is comprised of 10 total apartment units offering 6,609 rentable square feet. Originally constructed as 8 units in 1970, this property has undergone an extensive renovation that was completed in April 2022. In addition, two large studio ADU units are currently under construction, set for delivery in August 2022. Board House Villas, located at 2121 Thomas Ave, is comprised of (3) 2-bedroom/1-bathroom units, (5) 1-bedroom/1-bathroom units, and (2) studio/1-bathroom units. Each unit is highly renovated with ducted air conditioning and heating, in-unit laundry, a modern design, and all high-end materials. Three of the first-floor units feature roll-up garage doors in the living room that open to large private patios for indoor/outdoor enjoyment. Second floor units feature private rooftop decks with bay views accessed by a custom floating stairway making for a one-of-a-kind apartment living in this coastal neighborhood. In addition to the many features added, the major systems have been replaced which were completed with City of San Diego building permits and inspections. Board House Villas offers investors the rare opportunity to acquire a turnkey property in one of San Diego’s most desirable rental markets. This stabilized asset is walking distance to Mission Bay and is positioned for long term appreciation and rent growth for the years to come. Pacific Beach is a high demand rental market with low vacancy rates because of the proximity to the beach, Mission Bay, and hundreds of local bars, shops, and attractions. This asset has been strategically renovated and positioned in market lacking luxury product with the investor’s longevity in mind.

Exclusively Listed By

Financing By

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