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2114 Abbott St 8 Unit Apartment Building $2,560,000 ($320,000/Unit) 4.02% Cap Rate San Diego, CA 92107
Investment Highlights
- Phenomenal Ocean Beach Location! Less than one block from the beach (volleyball courts and waves)!
- Units are ripe for full modernization, at a reasonable/attractive price per unit/basis for something this close to the water.
- Diamond in the rough property, with low price/unit that reflects that, offering tremendous upside potential
- Walk to primary retail corridor along Newport Avenue, as well as the OB Pier
- Peek Ocean Views from select units, some off-street parking (including 3 functional garages plus 1 surface off-street parking space)
- Good short-term (vacation) rental potential
Executive Summary
It is a pleasure to present for sale 2114 Abbott Street, San Diego, CA 92107, an Ocean Beach multifamily property that benefits greatly from being located less than 1 block from a wide sandy beach with surf, as well as close to neighborhood retail along Newport Avenue (4 blocks), and the OB Pier (5 blocks)! This property is comprised of Three (3) studio apartments and Five (5) relatively small 1Br/1Ba apartments. There are three (3) functional garages and one (1) large storage-only garage, as well as one (1) surface off-street parking space. Units and common area hallways are in average condition, ripe for full modernization, with some deferred maintenance items (such as likely wood rot around several window frames, garages, et al.), for this diamond in the rough.
Charming property with peek ocean views from select units, ripe for full modernization. To be delivered with three (3) vacant units. Private patios/balconies at select units.
Charming property with peek ocean views from select units, ripe for full modernization. To be delivered with three (3) vacant units. Private patios/balconies at select units.
Property Facts
| Price | $2,560,000 | Apartment Style | Low-Rise |
| Price Per Unit | $320,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 4.02% | Building Size | 3,475 SF |
| Gross Rent Multiplier | 18 | Average Occupancy | 75% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | ||
| Zoning | R4 - RM-2-4 | ||
| Price | $2,560,000 |
| Price Per Unit | $320,000 |
| Sale Type | Investment |
| Cap Rate | 4.02% |
| Gross Rent Multiplier | 18 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 3,475 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built | 1950 |
| Zoning | R4 - RM-2-4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $1,500 | 350 |
| 1+1 | 5 | $1,843 | 485 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 448-033-17 | Improvements Assessment | $303,798 |
| Land Assessment | $2,275,656 | Total Assessment | $2,579,454 |
Property Taxes
Parcel Number
448-033-17
Land Assessment
$2,275,656
Improvements Assessment
$303,798
Total Assessment
$2,579,454
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2114 Abbott St