849-855 Emerald St 7 Unit Apartment Building $4,875,000 ($696,429/Unit) San Diego, CA 92109

849-855 Emerald Street is a seven-unit multifamily property one and a half blocks from the sand in Pacific Beach, San Diego. The building sits on a 6,250 SF lot west of I-5 and comprises four two-bedroom flats and three one-bedroom flats across 4,930 rentable SF. It was substantially renovated in 2018 and has been maintained since through a documented capital program running from 2021 through February 2026. Parking includes two garages and six surface stalls. Zoning is RM-1-1 (R3).
The offering is priced at $4,875,000, or $696,429 per unit. In-place rents sit roughly 38% below stabilized market, which is the entire thesis: a buyer acquires a 3.87% going-in yield on $188,806 of in-place NOI with a defined route to a 5.90% pro forma yield on $287,413 of stabilized NOI, captured on natural turnover with targeted unit refresh rather than a full repositioning. Two of the four two-bedroom units retain original kitchens. Units 851 and 853 carry ocean views from the upper floor and are currently rented near parity with the non-view units.
Unit 855-1/2 A will be delivered vacant at close, giving a buyer immediate access to the highest-return renovation in the building and a direct path from $2,895 in place to the $3,475 market one-bedroom rate. An assumable loan of approximately $1.2M at 3.6% may be available to a qualifying buyer, roughly 290 basis points inside the current market for new debt. Longer term, the two garages present a potential conversion to accessory dwelling units, subject to feasibility and city approval. This is a generational beach-block holding on a stretch where coastal-zone limits structurally cap new supply and owners rarely sell.
Pro forma reflects stabilized market rents and is subject to verification. Square footages are estimates pending measurement and permit verification. Loan assumption is subject to lender confirmation and approval and does not constitute a financing commitment. Buyer to independently verify all figures.