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Wilsonian Hotel

1545 2nd Avenue, San Diego, CA 92101

$2,200,000

36 Units | Multifamily

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Multifamily Property For Sale - In Contract

Price:
$2,200,000
No. Units:
36
Building Size:
11,800 SF
Price/Unit:
$61,111.11
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
5.46%
Gross Rent Multiplier:
8.37
Year Built:
1913
Lot Size:
0.11 AC
APN / Parcel ID:
533-374-03-00
Listing ID
18254286
Last Updated
39 days ago

Find Out More...

Highlights

  • Irreplaceable Downtown Location
  • Pride of Ownership Asset
  • In-fill and Heavily Commercialized Area with Limited Sites for New Development
  • Close Proximity to White and Blue Collar Employment Centers
  • Strong History of High Occupancy
  • Located Just Blocks from the Heart of Downtown San Diego' s Central Business District

Description

Marcus & Millichap is pleased to present, The Wilsonian Hotel, a 36-unit complex located at 1545 2nd Avenue, in Downtown San Diego. Built in 1913, the property features furnished loft apartments (select units have private bathrooms), with on-site laundry facilities and a community kitchen. This property is an opportunity for an investor to purchase a solid investment in a strong rental submarket. The new owner will enjoy the security of having the property situated near local shopping and restaurants, endless employment opportunities, as well as having easy access to Interstate 5 and Highway 163. This offering is perfect for a long-term investor seeking a pride of ownership multifamily investment.

The residents of Wilsonian Hotel enjoy a desirable and convenient location within close proximity to all Downtown San Diego has to offer. Conveniently located between Beech Street and Cedar Street on 2nd Avenue, the property has frontage just off of Interstate 5. Wilsonian Hotel has a Walkability Score of 95 out of 100, which makes this property a walker' s paradise. A prime location that does not require a car to complete daily errands, commute to work or enjoy a vibrant nightlife and entertainment venues. Major employment drivers in the area include healthcare, education, tourism, financial services and technology jobs. Scripps Mercy Hospital, one of the area' s leading employers, and USCD Medical Center, both Level 1 Trauma Centers are within 3 miles from the Property. In addition, Vibra Hospital and US Naval Medical center are less than 5 minutes from Wilsonian Hotel; all four medical facilities employ a staff of over 12,000 combined staff and physicians. With immediate access to Interstate 5 and California State Route 163, the Property is just 30 minutes to the busiest
border crossing in the United States, one hour to Orange County, and two hours to Los Angeles.

Financial Summary

Debt & Equity Information

  • Actual
  • 2012
  • $262,740
  • $256,094
  • $135,927
  • $120,167

Map of 1545 2nd Avenue, San Diego, CA 92101 (San Diego County)

Research for 1545 2nd Avenue, San Diego, CA 92101 (San Diego County)

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  • Research Price – Recent sales of similar properties
  • Property Record Data – Historical listings, current tax, mortgage, owners & tenant info for this building

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Chris's Other Listings

Asking Price Index Trends for San Diego, CA Multifamily For Sale

  Jun 14 vs. 3 mo.
prior
Y-O-Y
-
State
$153,884+4.3%+9.7%
-
Metro
$180,511+1.4%+5.5%
-
County
$180,511+1.4%+5.5%
-
City
$194,402-0.6%+0.8%

View San Diego Market Trends for other property types for sale or lease. Learn more about the chart info.

Created 7/9/2013
Wilsonian Hotel
  • Multifamily
  • $2,200,000
  • 36 Units
  • 11,800 SF