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Turn Key Coastal Apartments

$13,590,000

1468-78 Hornblend Street, San Diego, CA 92109

Active
Last Updated: 11/26/2024

4.3

Cap Rate

584,942

NOI

Details:
Cap Rate:    4.3%
NOI:    $584,942
Building Size:    15,193 sqft
Lot Area:    12,338 sqft
Occupancy:    100%
Class:    B
Units:    20
GRM:    15.8
Year Built:    1969
Price Per Unit:    $679,500
Floors:    2
Year Last Renovated:    2023
Roof:    NEW
HVAC:    NEW
Investment Strategy:    Core
Highlights:
  • Prime Pacific Beach Location
  • Rooftop Decks with Ocean and Bay Views
  • Newly Renovated Turn Key Investment
  • In-Unit Laundry
  • New Roofs, Steel Staircases, & Landings
  • New 400 Amp Electrical Service & Indvidual Panels
  • 97 Walk Score - A Walkers Paradise
Description:

Welcome to the Surf Huts located at 1468-1478 Hornblend Street. This newly renovated asset is in the highly sought after coastal community of Pacific Beach, California. This luxury apartment community consists of twenty total units. There are two studios, twelve 1 bedroom 1 bath units, five 2 bedroom 1 bath units, and one 2 bedroom 2 baths. The buildings sit on two lots with a total of 12,338 sq ft.

In 2023 the buildings went through an extensive remodel. This included but is not limited to brand new quartz counter tops, stainless steel appliances, cabinetry, vanities, custom tile shower enclosures, split heating and air conditioners, vinyl plank flooring, fresh paint inside and out, new staircases and landing, new roofs, waterproof and deck coating, new 400 amp electrical service, 100 amp individual panels in each unit, and much more. The thoughtful improvements did not stop there as every rental has their own private laundry. Some units have access to exclusive use roof top decks that feature gorgeous ocean and bay views. All work is permitted and per current building codes. No detail was left untouched to provide residents with every amenity they could desire and an ownership with a turn-key asset in a prime beach market.

Map:
Documents:
Title
1468-78_Hornblend_OM.pdf
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Location
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