1948 Emerald St, San Diego, CA 92109
8 Unit Apartment Building | $5,350,000 ($668,750/Unit) | 4.44% Cap Rate | San Diego, CA 92109
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $5,350,000
- Property Type
-
Multifamily
- Square Feet
- 5,840 SF
Listing Contacts
Steve Cairncross
Verified Profile
- Property Info
Property Overview
Located on a serene residential block in the heart of Pacific Beach and walkable to countless neighborhood amenities, this 8-unit 2-story apartment building sitting on a 9,376sf lot features all 2 bed/2 bath units each with approx. 730 sqft, 2 assigned parking spaces (tandem style), and a shared laundry room with coin operated machines. Renovations vary per unit, and upgrades to finishes and appliances have been made over the years. Units have a great sense of separation and privacy from one another. Tons of open space surrounds the building including large front and rear patio areas, bike storage, and an expansive parking lot off the alley for 16 cars. Building is fully leased with a combination of annual and month-to-month leases in place. This is a fantastic investment opportunity in a proven, inventory-constrained neighborhood near the ocean, bay, and walkable to Kate Sessions Park, groceries, restaurants, cafes, banks, and more. Building was built in 1988 and this seller is only the second owner (purchased from builder).
Property Details
- Class
- C
- Year Built
- 1988
- Stories
- 2
- Lot Size (sq. ft)
- 9,583 SF
- Units
- 8
Highlights
- All units are 2 bedroom 2 baths
- Parking for 16 vehicles
- Walkable to neighborhood amenities
- Patio Areas
- On-site Owned Coin-Op Laundry
- Pacific Beach serene residential street
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