1424-1430 Hornblend St, San Diego, CA 92109
8 Unit Apartment Building | $4,099,000 ($512,375/Unit) | 3.38% Cap Rate | San Diego, CA 92109
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $4,099,000
- Property Type
-
Multifamily
- Square Feet
- 5,800 SF
Listing Contacts
Conor Brennan
Verified Profile
- Property Info
Property Overview
We are pleased to present 1424-30 Hornblend St within a desirable pocket of Pacific Beach in San Diego, CA. This Huffman building rests on a 6,237-square-foot lot and has approximately 5,800 square feet of rentable space. 1424-30 Hornblend is comprised of Four 2 Bedroom / 1 Bathroom & Four 1 Bedroom / 1 Bathroom units with 9 off-street parking spaces. 3 of the units have been partially to fully renovated (1424.5, 1428, 1430) and receive market rents while the rest are well under market showing a proven renovation model. ADU Geeks have recently provided plans for six small 318 SF studio ADUs to be built at the rear of the building which would be perfect for the value-add investor. This property offers investors the unique opportunity to acquire a value-add property in the heart of Pacific Beach near restaurants, shops, and stores. Located only seven blocks from Mission Bay and Mission Beach tenants get to enjoy water sports year-round. Pacific Beach is known by locals as PB and attracts the most desirable demographic of tenants. Increasing market demand continues to raise rent income and maintain low vacancy rates in the PB neighborhood
Property Details
- Class
- C
- Year Built
- 1958
- Stories
- 2
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 8
Highlights
- 8 Units In Irreplaceable Pacific Beach Location 7 Blocks To Beach
- Approved ADU Plans For Six Additional 318 SF Studio ADUs | ADU Geeks | Ask Agent
- Latest Three Units Have Been Partially To Fully Renovated With Last Two Rents Achieving $4,200 Leases
- Substantial Rent Increases Possible With Proven Renovation Model; 6.54% Proforma Cap Rate
- Substantial Rent Increases Possible With Proven Renovation Model; 6.54% Proforma Cap Rate
- Brand New Vinyl Plank Flooring, Windows, Kitchen & Bath Upgrades To Three Units
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