Seven-Unit Multifamily For Sale

Highlights:

• Irreplaceable Beach-Block Site
• Vacant Unit Delivered At Close
• Mark-To-Market Rent Upside
• Documented Capital Program
• Two Ocean-View Units
• A Rare Coastal Holding
• Assumable Below-Market Debt

Description:

Commercial Asset Advisors is pleased to present the opportunity to acquire 849-855 Emerald Street, a seven-unit, beach-block multifamily asset in Pacific Beach, San Diego. Set one and a half blocks from the sand, the property comprises four two-bedroom apartments and three one-bedroom apartments, substantially renovated in 2018 and maintained through an ongoing capital program.

Offered at $4,595,000 ($656,429 per unit), the asset presents a clear, executable mark-to-market path on one of San Diego's most supply-constrained coastal blocks. Stabilized market rents run roughly 38% above in-place, so a buyer acquires the 4.18% going-in yield ($192,237 in-place NOI) together with a defined route to a 6.33% stabilized yield ($290,844 pro forma NOI), captured on natural turnover plus targeted unit refresh. West of I-5 and one and a half blocks from the sand, this is a trophy, generational beach-block holding where coastal-zone limits structurally cap new supply; the yield gap is embedded upside, not a discount. An assumable ~$1.2M loan at 3.6% widens spread further against the ~6.5% market for new debt.

Blended in-place rents sit below the active market set, positioning the asset as a mark-to-market opportunity: a buyer resets rents toward comparable Pacific Beach levels on natural turnover, applying targeted unit refresh where kitchens or baths remain original. Unit 8551½ A will be delivered vacant at close, giving the buyer immediate access to the highest-return renovation in the building and a direct path to the $3,475 market one-bedroom rate. Two upper-floor ocean-view units and two original-kitchen apartments add further upside opportunity.

849-855 Emerald Street (including 8552 A, B and C) is a two-story, seven-unit multifamily property on a 6,250-square-foot lot in the heart of Pacific Beach. Substantially renovated in 2018, the asset is one of the few remaining two-story beach-block walk-ups on this stretch of Emerald, a quiet residential street one and a half blocks from the sand.

The unit mix is four two-bedroom/ one-bath apartments and three one-bedroom/ one-bath apartments. Units are individually metered for gas and electric - a site walk confirmed eight electric meters and a seven-to-eight unit gas bank - limiting the owner's utility exposure to common-area electric and water.

Parking is provided by two garages and six surface stalls, with the potential for a seventh stall by paving the front landscaping - and, longer term, a possible conversion of the two garages to accessory dwelling units, subject to feasibility and city approval. Zoning is RM-1-1. A capital-improvement program spanning 2021 through February 2026 has updated interiors across several units and will reward a buyer's continued reinvestment.

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