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2003 Emerald St 8 Unit Apartment Building $4,000,000 ($500,000/Unit) 3.90% Cap Rate San Diego, CA 92109
Investment Highlights
- Eight-unit apartment community located on a corner lot in Pacific Beach.
- Dedicated parking is provided for every unit.
- Opportunity to enhance income through utility reimbursement improvements.
- Six residences have been renovated, with two remaining value-add opportunities.
- Walkable location near dining, retail, grocery, and beach amenities.
- Convenient access to major employment centers and regional transportation routes.
Executive Summary
Eight unit apartment building on a corner lot in Pacific Beach. Built in 1966 and meticulously maintained. Unit mix is six 1BD/1BA and two 2BD/1BA averaging approximately 650 square feet. One dedicated parking space per unit. Six of eight units renovated. Two units have in unit washer and dryer. Current rents approximately 11% below market. Utilities are currently billed at a low flat rate, leaving upside through SDG&E submetering or a market level RUBS program. 89 Walk Score with retail, grocery, and dining within walking distance. Pacific Beach submarket vacancy is 4.2% versus 6.1% countywide, with only 60 units under construction submarket wide and trailing twelve month rent growth near three times the San Diego average. Contact broker for offering memorandum, rent roll, and financials.
Property Facts
| Price | $4,000,000 | Building Class | C |
| Price Per Unit | $500,000 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 5,026 SF |
| Cap Rate | 3.90% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-1-1 | ||
| Price | $4,000,000 |
| Price Per Unit | $500,000 |
| Sale Type | Investment |
| Cap Rate | 3.90% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,026 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 1/1,000 SF |
| Zoning | RM-1-1 |
Amenities
Unit Amenities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 600 |
| 2+1 | 2 | - | 800 |
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Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 416-542-10 | Improvements Assessment | $496,834 |
| Land Assessment | $2,428,977 | Total Assessment | $2,925,811 |
Property Taxes
Parcel Number
416-542-10
Land Assessment
$2,428,977
Improvements Assessment
$496,834
Total Assessment
$2,925,811
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2003 Emerald St