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500 N Clementine St 13 Unit Apartment Building $5,400,000 ($415,385/Unit) 4.15% Cap Rate Oceanside, CA 92054
Investment Highlights
- Prime beach-area location in Oceanside’s high-demand west-of-the-5 coastal district.
- Fresh exterior enhancements including a new roof, updated façade, new gates, landscaping, and two-tone paint.
- Secure community environment supported by controlled access, private garages for most units, and additional street parking.
- Fully renovated interiors featuring premium finishes, stainless appliances, recessed lighting, and keypad access.
- Strong tenant appeal with oversized one-bedroom units and the flexibility to convert select units back to two-bedroom layouts.
- Situated in a growing coastal submarket with rising incomes, significant gentrification, and continued rental rate momentum.
Executive Summary
Ocean Breeze Apartments presents a rare opportunity to acquire a fully renovated coastal multifamily asset just six blocks from the ocean in the heart of Oceanside’s rapidly evolving beach district. Comprised of twelve large one-bedroom units and one two-bedroom unit, the property showcases extensive 2022 interior upgrades, a 2025 new roof, upscale finishes, keypad access, and a secured, gated environment. Nearly all units include private garages, and the thoughtful renovation delivers a level of quality exceeding many new construction offerings in the market. Located west of the 5 freeway in a true beach community experiencing sustained gentrification, Ocean Breeze benefits from strong regional demographics, high-earning professional tenants, and upward-trending rental demand. With stabilized cash flow, a proven renovation program, and the potential to reconvert select units back to two-bedroom layouts, this asset offers an exceptional blend of quality, location, and long-term value growth.
Property Facts
| Price | $5,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $415,385 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 4.15% | Building Size | 8,848 SF |
| Gross Rent Multiplier | 14.65 | No. Stories | 2 |
| No. Units | 13 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 2.03/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | OP | ||
| Price | $5,400,000 |
| Price Per Unit | $415,385 |
| Sale Type | Investment |
| Cap Rate | 4.15% |
| Gross Rent Multiplier | 14.65 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 8,848 SF |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 2.03/1,000 SF |
| Zoning | OP |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 800 |
| 2+1 | 1 | - | 1,000 |
1 1
Walk Score®
Very Walkable (89)
Property Taxes
| Parcel Number | 147-105-07 | Improvements Assessment | $1,365,393 |
| Land Assessment | $2,048,091 | Total Assessment | $3,413,484 |
Property Taxes
Parcel Number
147-105-07
Land Assessment
$2,048,091
Improvements Assessment
$1,365,393
Total Assessment
$3,413,484
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500 N Clementine St
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