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Capri by the Sea 330 S Horne St 21 Unit Apartment Building $9,500,000 ($452,381/Unit) 4.64% Cap Rate Oceanside, CA 92054
Investment Highlights
- Pride of Ownership Designer Grade Renovated Coastal Asset
- Private Yards, Patios, Balconies, or Ocean Views in Select Units
- Rarely Traded 20+ Unit North County Coastal
- Turnkey Asset with Major Infrastructure System Improvements
Executive Summary
330 S Horne St, Oceanside presents a designer-grade renovated, 21-unit coastal multifamily asset offering immediate cash flow, a diverse unit mix, and a differentiated resident experience. The property combines thoughtfully designed interior finishes tailored to Coastal Southern California with strategic enhancements including private yards, rear patios, balconies, select ocean-view residences, garages, in-unit laundry in select units, and coastal-oriented community amenities.
The property consists of (1) Studio, (13) 1 Bed / 1 Bath, (1) 2 Bed / 1 Bath, and (6) 2 Bed / 2 Bath residences. Select residences feature private front yards or rear patios, while upper units include balconies and ocean views. 11 of the 21 units have in-unit washer/dryers, with an owner-owned community laundry room retained for the balance of the property.
Ownership completed a comprehensive renovation designed to position the property above traditional rental-grade product. Interiors feature Coastal Southern California tailored color schemes and finishes including quartz countertops, pastel tile backsplashes, stainless appliances, Terracotta Spanish style tile bathroom floors, tile wall shower & tub enclosures, and natural oak style vinyl flooring. Exterior improvements include a full re-texture and repaint with Baja California inspired color palettes, dual pane windows, drought resistant and low maintenance California desert scape courtyard landscaping with irrigation, updated exterior fixtures and suite numbers, and hand painted building murals. Resident amenities include a surf shower, secure electric bike parking, and a common-area grill with outdoor shaded seating.
Major infrastructure improvements include a main electrical service upgrade from 200A to 400A in 2023 with replacement of all unit subpanels, the sewer main lateral was descaled with an epoxy liner installed in 2014, replacement of the main hot-water line serving the property in 2025, and replacement of the property water heater in 2025. SB 721-deck inspections were also completed.
The asset currently generates $667,819 in Gross Scheduled Income and $440,443 in NOI, yielding a 4.64% in-place cap rate. At full market operations, Gross Scheduled Income is projected at $699,113 and NOI at $469,584, producing a 4.94% pro forma cap rate.
The property consists of (1) Studio, (13) 1 Bed / 1 Bath, (1) 2 Bed / 1 Bath, and (6) 2 Bed / 2 Bath residences. Select residences feature private front yards or rear patios, while upper units include balconies and ocean views. 11 of the 21 units have in-unit washer/dryers, with an owner-owned community laundry room retained for the balance of the property.
Ownership completed a comprehensive renovation designed to position the property above traditional rental-grade product. Interiors feature Coastal Southern California tailored color schemes and finishes including quartz countertops, pastel tile backsplashes, stainless appliances, Terracotta Spanish style tile bathroom floors, tile wall shower & tub enclosures, and natural oak style vinyl flooring. Exterior improvements include a full re-texture and repaint with Baja California inspired color palettes, dual pane windows, drought resistant and low maintenance California desert scape courtyard landscaping with irrigation, updated exterior fixtures and suite numbers, and hand painted building murals. Resident amenities include a surf shower, secure electric bike parking, and a common-area grill with outdoor shaded seating.
Major infrastructure improvements include a main electrical service upgrade from 200A to 400A in 2023 with replacement of all unit subpanels, the sewer main lateral was descaled with an epoxy liner installed in 2014, replacement of the main hot-water line serving the property in 2025, and replacement of the property water heater in 2025. SB 721-deck inspections were also completed.
The asset currently generates $667,819 in Gross Scheduled Income and $440,443 in NOI, yielding a 4.64% in-place cap rate. At full market operations, Gross Scheduled Income is projected at $699,113 and NOI at $469,584, producing a 4.94% pro forma cap rate.
Property Facts
| Price | $9,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $452,381 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.32 AC |
| Cap Rate | 4.64% | Building Size | 15,013 SF |
| Gross Rent Multiplier | 14.23 | Average Occupancy | 97% |
| No. Units | 21 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.07/1,000 SF |
| Zoning | R3, Oceanside | ||
| Price | $9,500,000 |
| Price Per Unit | $452,381 |
| Sale Type | Investment |
| Cap Rate | 4.64% |
| Gross Rent Multiplier | 14.23 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.32 AC |
| Building Size | 15,013 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2024 |
| Parking Ratio | 1.07/1,000 SF |
| Zoning | R3, Oceanside |
Amenities
Unit Amenities
- Balcony
- Storage Space
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | - |
| 2+1 | 1 | - | - |
| 2+2 | 6 | - | - |
| Studios | 1 | - | - |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 150-064-13 | Improvements Assessment | $4,700,109 |
| Land Assessment | $2,164,864 | Total Assessment | $6,864,973 |
Property Taxes
Parcel Number
150-064-13
Land Assessment
$2,164,864
Improvements Assessment
$4,700,109
Total Assessment
$6,864,973
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Capri by the Sea | 330 S Horne St