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2033 Garnet Ave 3 Unit Apartment Building $2,099,999 ($700,000/Unit) 4.84% Cap Rate San Diego, CA 92109
INVESTMENT HIGHLIGHTS
- Views of Mission Bay
- Bike to the beach
- Fully remodeled and updated
- Walkable to local hot spots
- Close freeway access
- All units with electric wall heaters
EXECUTIVE SUMMARY
Prime coastal investment property in desirable location off Garnet Ave in the heart of Pacific Beach! Strong Cap Rate of 4.84% with a market cap over 5% and a price per unit at $525k! All 4 units fully remodeled and updated, entire building with brand new windows and repainted along with parking lot asphalt resurfaced all within the past 6 months. All 4 units fully leased with secure 12 month leases, tenants pay for electric and water. Unit B has views of Mission Bay, entire complex is walkable to prime eateries, entertainment and grocery stores, a bike ride to the beach with very close freeway access. 3 parking spots, private balcony, communal washer and dryer with dedicated laundry room.
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$140,000
|
$56.25
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$140,000
|
$56.25
|
| Taxes |
$26,250
|
$10.55
|
| Operating Expenses |
$8,345
|
$3.35
|
| Total Expenses |
$34,595
|
$13.90
|
| Net Operating Income |
$105,405
|
$42.35
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $140,000 |
| Annual Per SF | $56.25 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $140,000 |
| Annual Per SF | $56.25 |
| Taxes | |
|---|---|
| Annual | $26,250 |
| Annual Per SF | $10.55 |
| Operating Expenses | |
|---|---|
| Annual | $8,345 |
| Annual Per SF | $3.35 |
| Total Expenses | |
|---|---|
| Annual | $34,595 |
| Annual Per SF | $13.90 |
| Net Operating Income | |
|---|---|
| Annual | $105,405 |
| Annual Per SF | $42.35 |
PROPERTY FACTS
| Price | $2,099,999 | Property Subtype | Apartment |
| Price Per Unit | $700,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 4.84% | Building Size | 2,489 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.96 | No. Stories | 2 |
| No. Units | 3 | Year Built/Renovated | 1980/2022 |
| Property Type | Multifamily | Parking Ratio | 1.21/1,000 SF |
| Zoning | CO-1-2 - Property is a multi-family dwelling w/4 units & is located in the Pacific Beach neighborhood. The County Use Description is listed as "MULTI-RESID 2-4 | ||
| Price | $2,099,999 |
| Price Per Unit | $700,000 |
| Sale Type | Investment |
| Cap Rate | 4.84% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 14.96 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 2,489 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1980/2022 |
| Parking Ratio | 1.21/1,000 SF |
| Zoning | CO-1-2 - Property is a multi-family dwelling w/4 units & is located in the Pacific Beach neighborhood. The County Use Description is listed as "MULTI-RESID 2-4 |
AMENITIES
SITE AMENITIES
- Courtyard
- Furnished Units Available
- Grill
- Recycling
- Bicycle Storage
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $2,200 | 400 |
| 1+1 | 1 | $2,800 | 580 |
| 2+2 | 1 | $3,200 | 750 |
1 1
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 424-051-05 | Total Assessment | $1,365,391 (2025) |
| Land Assessment | $1,024,044 (2025) | Annual Taxes | $26,250 ($10.55/SF) |
| Improvements Assessment | $341,347 (2025) | Tax Year | 2026 |
PROPERTY TAXES
Parcel Number
424-051-05
Land Assessment
$1,024,044 (2025)
Improvements Assessment
$341,347 (2025)
Total Assessment
$1,365,391 (2025)
Annual Taxes
$26,250 ($10.55/SF)
Tax Year
2026
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2033 Garnet Ave
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