23-Unit Value-Add With Transferable Tot Certificate |The Ebb Tide | Ocean Beach
$7,360,000
5074-5080 & 5082 West Point Loma Boulevard, San Diego, CA 92107
6.02
Pro Forma Cap Rate
10.04
Proforma Cap ShortTerm Rental
Details:
Highlights:
- Value add opportunity
- Huge annual income potential
- Irreplaceable location
- Rarely traded ocean beach location
- Potential adaptive reuse opportunity*
- Commercial Hospitality License in-hand
- Two separate parcels
Description:
Ebb Tide presents the opportunity to acquire the 23-unit hospitality/multi-family asset in the desirable neighborhood of Ocean Beach. The asset consists of one 15-unit building and one 8-unit building.
A buyer may have the option to utilize the existing TOT license and run short-term rentals (AirBnB, VBRO, etc.) or convert the units into true apartments. With great parking, ocean views, and steps from the beach, a buyer can develop a substantial increase in gross income in an irreplaceable location.
The Ebb Tide is located on the river bikeway, steps from the beach to the west, Robb Athletic Field to the east, and an array of entertainment walking distance to the south. Ebb Tide is truly in the hub of one of San Diego’s most vibrant neighborhoods.
The Ebb Tide has been operating as a motel since the early 1950’s, providing weekly/long-term stays to visitors of Ocean Beach. The original unit mix in the East building consisted four units total, two 2Bd/2Ba and two 3Bd/2Ba. This was later converted to 8-units: two studios, two 1Bd/1Ba, two 1Bd/1Ba without kitchens, and two 2Bd/1Ba without kitchens.
The newer conversion to 8-units has been recorded on the TOT license, as well as the Rental Unit Business Tax for decades.
The Ebb Tide offers a unique opportunity for investors seeking to capitalize on the high demand for vacation rentals in one of San Diego most sought-after tourist destinations. Located steps away from the beach and surrounded by endless retail and entertainment options, the building is perfectly situated for a conversion to short-term vacation rentals. Vacation rentals in Ocean Beach have proven to be highly profitable for investors due to the consistent demand throughout the year, as well as the potential to earn significantly more income during peak travel seasons.
• 4th most popular destination on Airbnb
• Average nightly rate: $400+
• Average Occupancy: 80%
• San Diego Tourism: 28.8 million visitors annually
• Nearly $3 billion spent on lodging in 2022
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