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2109 Felspar St - 11-unit Development Opportunity in PB 2 Unit Apartment Building Offered at $2,100,000 at a 2.57% Cap Rate San Diego, CA 92109
Investment Highlights
- 2 detached homes on 1 lot in Pacific Beach
- Close to Mission Bay and everything Pacific Beach has to offer
- Plans in place for construction of a new 11-unit development
Executive Summary
**Existing Two detached houses in Prime Pacific Beach** Plans in place for construction of a new 11-Unit development • Located just blocks from Mission Bay and all that Pacific Beach has to offer • Existing unit mix consists of one detached (1) 3-bedroom/1-bath house, and one detached (1) 2-bedroom/1-bath house • Current improvements provide in-place rental income while pursuing development • Opportunity to significantly increase density in a high-demand coastal submarket • Located in one of San Diego's most supply-constrained rental markets
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$91,800
|
$48.88
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$2,754
|
$1.47
|
| Effective Gross Income |
$89,046
|
$47.42
|
| Taxes |
$26,274
|
$13.99
|
| Operating Expenses |
$8,900
|
$4.74
|
| Total Expenses |
$35,174
|
$18.73
|
| Net Operating Income |
$53,872
|
$28.69
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $91,800 |
| Annual Per SF | $48.88 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $2,754 |
| Annual Per SF | $1.47 |
| Effective Gross Income | |
|---|---|
| Annual | $89,046 |
| Annual Per SF | $47.42 |
| Taxes | |
|---|---|
| Annual | $26,274 |
| Annual Per SF | $13.99 |
| Operating Expenses | |
|---|---|
| Annual | $8,900 |
| Annual Per SF | $4.74 |
| Total Expenses | |
|---|---|
| Annual | $35,174 |
| Annual Per SF | $18.73 |
| Net Operating Income | |
|---|---|
| Annual | $53,872 |
| Annual Per SF | $28.69 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $3,450 | 750 |
| 3+1 | 1 | $4,200 | 950 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
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2109 Felspar St - 11-unit Development Opportunity in PB
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