1102 Pacific Beach Dr 8 Unit Apartment Building $4,800,000 ($600,000/Unit) 3.74% Cap Rate San Diego, CA 92109

Rarely available steps from Sail Bay, this 8-unit apartment building offers investors an exceptional opportunity to acquire a premier coastal asset with immediate upside. Located directly across from Sail Bay and just four blocks from the ocean, the property combines an A+ location with a highly desirable unit mix of seven (7) spacious 2-bed/2-bath units and one (1) 1-bed/1-bath unit.
The building features generous floor plans with in-unit laundry, en suite bathrooms in the primary bedrooms (2-bed units), and Eleven (11) on-site parking spaces including three tandem spaces, one single space, and two double garages.
This property presents multiple value-add strategies. Current rents are approximately 28% below market, allowing a new owner to realize significant income growth through strategic renovations and lease turnovers. Two units have already been upgraded, providing a clear roadmap for further improvements. In addition, the rear double garages offer the potential to add ADUs, enhancing overall revenue.
Given its prime location, spacious layouts, and strong demand, this property is also well-positioned for potential Short Term Rental or similar vacation rental strategies to further maximize returns. Offered at an attractive price per square foot compared to nearby coastal assets, 1102 Pacific Beach Drive represents a rare chance to own and improve a trophy investment in one of San Diego’s most sought-after rental markets.