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Gresham Apartments 4073 Gresham St 5 Unit Apartment Building $3,300,000 ($660,000/Unit) 3.95% Cap Rate San Diego, CA 92109
Executive Summary
We are pleased to offer 4073 Gresham Street, a fully modernized and turnkey five (5) unit multifamily property in beautiful Pacific Beach, ideally located within 1.5 blocks to Sail Bay access and Fanuel Street Park, within the coveted Crown Point area.
Comprised of two (2) large 1Br/1Ba units and three (3) 2Br/1.5Ba townhome units (each with private/enclosed back patio), units have been upgraded to a high level back around 2016, with newer cabinetry, countertops, s.s. appliances, in-unit washer/dryers, vinyl plank flooring (downstairs), and fully remodeled bathrooms with tiled shower enclosures. In addition to being steps from the bay and 7 blocks from the beach, the property boasts gate code access, dual-pane vinyl windows/sliders throughout, as well as a laundry room (currently used as storage), and a large rear common area patio/bike storage/surfboard storage/bbq area. Units are all electric, separately metered for electricity. Residents love having a full tandem off-street parking space (5 tandem off-street spaces for 10 total spaces!), especially in the Summertime when parking gets very scarce in this sought after neighborhood.
Great property and location that always attracts top-tier long-term tenants, and has also done incredibly well as a short term rental property (until covid hit in 2020, when owner changed to long-term rental operations and never looked back). Lowest rented 2Br unit was just re-rented at $4,095 this month (which was around $3,050 before that), with several very qualified applicants trying to lock it down. Contact exclusive listing agent Palma Commercial (Joe Burrough) for more details, including an Offering Memorandum, at 858.352.6742 (ext. 101).
Comprised of two (2) large 1Br/1Ba units and three (3) 2Br/1.5Ba townhome units (each with private/enclosed back patio), units have been upgraded to a high level back around 2016, with newer cabinetry, countertops, s.s. appliances, in-unit washer/dryers, vinyl plank flooring (downstairs), and fully remodeled bathrooms with tiled shower enclosures. In addition to being steps from the bay and 7 blocks from the beach, the property boasts gate code access, dual-pane vinyl windows/sliders throughout, as well as a laundry room (currently used as storage), and a large rear common area patio/bike storage/surfboard storage/bbq area. Units are all electric, separately metered for electricity. Residents love having a full tandem off-street parking space (5 tandem off-street spaces for 10 total spaces!), especially in the Summertime when parking gets very scarce in this sought after neighborhood.
Great property and location that always attracts top-tier long-term tenants, and has also done incredibly well as a short term rental property (until covid hit in 2020, when owner changed to long-term rental operations and never looked back). Lowest rented 2Br unit was just re-rented at $4,095 this month (which was around $3,050 before that), with several very qualified applicants trying to lock it down. Contact exclusive listing agent Palma Commercial (Joe Burrough) for more details, including an Offering Memorandum, at 858.352.6742 (ext. 101).
Property Facts
| Price | $3,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $660,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 3.95% | Building Size | 4,528 SF |
| Gross Rent Multiplier | 16.17 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 2.21/1,000 SF |
| Zoning | RM-2-5 - Multifamily 10 Units or Less | ||
| Price | $3,300,000 |
| Price Per Unit | $660,000 |
| Sale Type | Investment |
| Cap Rate | 3.95% |
| Gross Rent Multiplier | 16.17 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 4,528 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 2.21/1,000 SF |
| Zoning | RM-2-5 - Multifamily 10 Units or Less |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 2+1.5 | 3 | - | - |
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Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 423-382-39 | Improvements Assessment | $362,238 |
| Land Assessment | $1,690,460 | Total Assessment | $2,052,698 |
Property Taxes
Parcel Number
423-382-39
Land Assessment
$1,690,460
Improvements Assessment
$362,238
Total Assessment
$2,052,698
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Gresham Apartments | 4073 Gresham St