1478 Hornblend St
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1478 Hornblend St
10 Unit Apartment Building $6,795,000 ($679,500/Unit) 4.46% Cap Rate San Diego, CA 92109
Investment Highlights
- Prime Pacific Beach Location
- Roof Top Decks With Bay & Ocean Views
- New Roof, Windows & Paint
- Extensively Renovated Turn Key Investment
- In Unit Laundry
- New Steel Staircase & Landing
Executive Summary
Welcome to the Surf House located at 1478 Hornblend Ave. This newly renovated asset is in the highly sought after coastal community of Pacific Beach, California. The luxury apartment complex consists of ten total units. There is a studio, six 1 bedroom 1 bath units, two 2 bedroom 1 bath units, and one 2 bedroom 2 bath unit. Including the exclusive use patios and balconies the total rentable sqaure footages comes out to 8,074. The building sits on a 6,240 sq ft lot.
In 2023 the building went through an extensive remodel. This included but is not limited to brand new quartz counter tops, stainless steel appliances, cabinetry, vanities, custom tile shower enclosures, split heating and air conditioners, vinyl plank flooring, fresh paint inside and out, new steel staircases and landing, new roofs, waterproof and deck coating, new 400 amp electrical service, 100 amp individual panels in each unit, and much more. The thoughtful improvements did not stop there as every rental has their own private laundry. Some units have access to exclusive use roof top decks that feature gorgeous ocean and bay views. All work is permitted and per current building codes. No detail was left untouched provide residents with every amenity they could desire and an ownership with a turn-key asset in a prime beach market.
Contact List Agent for OM
In 2023 the building went through an extensive remodel. This included but is not limited to brand new quartz counter tops, stainless steel appliances, cabinetry, vanities, custom tile shower enclosures, split heating and air conditioners, vinyl plank flooring, fresh paint inside and out, new steel staircases and landing, new roofs, waterproof and deck coating, new 400 amp electrical service, 100 amp individual panels in each unit, and much more. The thoughtful improvements did not stop there as every rental has their own private laundry. Some units have access to exclusive use roof top decks that feature gorgeous ocean and bay views. All work is permitted and per current building codes. No detail was left untouched provide residents with every amenity they could desire and an ownership with a turn-key asset in a prime beach market.
Contact List Agent for OM
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$429,480
|
$53.19
|
| Other Income |
$18,660
|
$2.31
|
| Vacancy Loss |
$13,444
|
$1.67
|
| Effective Gross Income |
$434,696
|
$53.84
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$131,605
|
$16.30
|
| Net Operating Income |
$303,091
|
$37.54
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $429,480 |
| Annual Per SF | $53.19 |
| Other Income | |
|---|---|
| Annual | $18,660 |
| Annual Per SF | $2.31 |
| Vacancy Loss | |
|---|---|
| Annual | $13,444 |
| Annual Per SF | $1.67 |
| Effective Gross Income | |
|---|---|
| Annual | $434,696 |
| Annual Per SF | $53.84 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $131,605 |
| Annual Per SF | $16.30 |
| Net Operating Income | |
|---|---|
| Annual | $303,091 |
| Annual Per SF | $37.54 |
Property Facts
| Price | $6,795,000 | Apartment Style | Low Rise |
| Price Per Unit | $679,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 4.46% | Building Size | 8,074 SF |
| Gross Rent Multiplier | 15.2 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1969/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.11/1,000 SF |
| Price | $6,795,000 |
| Price Per Unit | $679,500 |
| Sale Type | Investment |
| Cap Rate | 4.46% |
| Gross Rent Multiplier | 15.2 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 8,074 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1969/2023 |
| Parking Ratio | 1.11/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Yard
- Deck
- Dining Room
- Double Pane Windows
- Freezer
Site Amenities
- Sundeck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $2,900 | - |
| 1+1 | 6 | $3,198 | - |
| 2+1 | 2 | $4,150 | - |
| 2+2 | 1 | $4,400 | - |
Walk Score ®
Walker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 423-092-10 | Improvements Assessment | $832,320 (2024) |
| Land Assessment | $2,496,960 (2024) | Total Assessment | $3,329,280 (2024) |
PROPERTY TAXES
Parcel Number
423-092-10
Land Assessment
$2,496,960 (2024)
Improvements Assessment
$832,320 (2024)
Total Assessment
$3,329,280 (2024)
zoning
| Zoning Code | R-5 (Multifamily Dwelling) |
| R-5 (Multifamily Dwelling) |
-
Cody Evans -
Brendan Flynn -
South Coast Commercial, Inc.
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