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1057 Grand Ave 8 Unit Apartment Building $4,790,000 ($598,750/Unit) 3.48% Cap Rate San Diego, CA 92109
Investment Highlights
- Vacation Rental Income
- 8 Garages plus 8 Parking Spaces
- 3.5 Blocks to the Beach in PB
- Possible Garage-to-ADU Conversion
Executive Summary
This is an 8-unit complex at 1057-1071 Grand Ave with 8 garages and only 3.5 blocks to the ocean. 8 garages plus 8 parking spaces! All units consist of 2 bedroom, 1 bath, 825 sqft with private patios. Seller is willing to sell lots separately with 4 units on each. Current rents are extremely low. CAP can be 4.5% at $3,500 a month rent w/ no updating. Also, may be potential for garage-to-ADU conversions. This provides a rare opportunity to own multifamily real estate just steps from the funnest beach in San Diego, Pacific Beach. Three units are currently STVRs (2 of them pictured), one unit is vacant, the 3 others are long term. There are still STVR licenses available in the city of SD! ...DO NOT DISTURB TENANTS
Property Facts Under Contract
| Price | $4,790,000 | Property Subtype | Apartment |
| Price Per Unit | $598,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 3.48% | Building Size | 6,600 SF |
| Gross Rent Multiplier | 18 | No. Stories | 2 |
| No. Units | 8 | Year Built | 2000 |
| Property Type | Multifamily | Parking Ratio | 2.42/1,000 SF |
| Zoning | RM-2-5 | ||
| Price | $4,790,000 |
| Price Per Unit | $598,750 |
| Sale Type | Investment |
| Cap Rate | 3.48% |
| Gross Rent Multiplier | 18 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 6,600 SF |
| No. Stories | 2 |
| Year Built | 2000 |
| Parking Ratio | 2.42/1,000 SF |
| Zoning | RM-2-5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | 825 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 423-154-07 | Improvements Assessment | $203,834 |
| Land Assessment | $192,507 | Total Assessment | $396,341 |
Property Taxes
Parcel Number
423-154-07
Land Assessment
$192,507
Improvements Assessment
$203,834
Total Assessment
$396,341
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1057 Grand Ave