1141 Reed Ave 4 Unit Apartment Building $3,595,000 ($898,750/Unit) 3.06% Cap Rate San Diego, CA 92109

It is with great pride that we present for sale 1141-47 Reed Avenue, a phenomenally well-located four-unit property in the heart of Pacific Beach, within walking distance to Sail Bay (+/-2.5 blocks), the beach (+/-4.5 blocks), and more recreation options than one could ever tire of. Comprised of two (2) 2br/1ba units; one (1) 2br/2ba unit; and one (1) 3br/2ba unit, there are ten off-street parking spaces (including a 2-car garage), and all units either have in-unit laundry (3), or exclusive access to an outdoor laundry room (1).
The front duplex (1145-47 Reed Ave.) features a spacious 3-bedroom/2-bathroom ‘owner’s unit’ on top (1147), boasting vaulted ceilings with high windows and skylights for good natural light, a rooftop deck and private balcony, plus a large master bedroom with double-sided fireplace, a bonus room, and an en-suite bathroom with jacuzzi tub. This unit is ripe with upside potential via a full modernization. Below is a generously sized 2-bedroom/2-bathroom unit (1145) with updated kitchen and bathrooms, including white shaker-style cabinetry, granite countertops, stainless steel oven/range, micro-hood, and white dishwasher, with tile flooring throughout (carpeted bedrooms), and radiant heat. Adjacent to unit 1145 is a 2-car garage, with two (2) surface off-street parking spaces behind it. The rear duplex (1141-43 Reed Ave.) has a 2-bedroom/1-bathroom unit above another 2-bedroom/1-bathroom unit, both updated with stackable washer/dryers, tile flooring, among many other upgrades. Behind this building there are six (6) surface off-street parking spaces.
Residents at 1141-47 Reed Avenue enjoy great proximity to fun in the sand and surf, as well as a charming setting with private outdoor areas at each unit, some small lawn areas and tasteful landscaping throughout, its two large storage sheds plus two private bike and board outdoor storage areas, and a great parking situation.
The front building (built in/around 1979) is of wood frame construction upon a concrete on grade foundation, and features a partial pitched roof with composition shingles, and wood siding, while the rear building (built in/around the 1950s or 60s), also on a concrete slab foundation with a pitched (hip) roof and composition shingles, has stucco for its exterior siding. All units are separately metered for gas and electricity, and the property is on city trash/recycling.