1948 Emerald St
8 Unit Apartment Building $5,095,000 ($636,875/Unit) 4.50% Cap Rate San Diego, CA 92109
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INVESTMENT HIGHLIGHTS
- Building Size: 5,840 SF
- Units: 8 fully leased, all 2 bedroom 2 bath
- Laundry: Shared & Owned Coin Op
- Lot Size: 9,376 SF
- Parking: 8 Tandem / 16 Total
- Neighborhood: Walkable Pacific Beach area, just 1.3 miles from the beach
EXECUTIVE SUMMARY
This prime Pacific Beach 8-unit apartment building built in 1988 is situated on a large 9,376 square foot lot with both street and alley frontage, offering ample parking space for 16 cars, presenting significant potential for value-add improvements. The boutique-style complex is located in the highly desirable and walkable Pacific Beach area, just 1.3 miles from the beach. Ideal mix of all 2 bed, 2 full baths which are fully leased. All apartments are corner units providing great separation and privacy. Renovations and upgrades vary across the units including enhanced finishes and appliances. Must-have features please tenants including 2 beds, 2 full baths, 730 sf of living space, 2 parking spaces per unit, and shared coin-operated laundry. With only one resale since construction in 1988, this has proved a sturdy investment as-is and can be even better with your savvy improvements! Walkable to the beach, bay, nearby shops, restaurants, and Kate Sessions Memorial Park.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
---|---|---|
Gross Rental Income |
$99,999
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$9.99
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Other Income |
$99,999
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$9.99
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Vacancy Loss |
$99,999
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$9.99
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Effective Gross Income |
$99,999
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$9.99
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Taxes |
-
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-
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Operating Expenses |
-
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-
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Total Expenses |
$99,999
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$9.99
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Net Operating Income |
$99,999
![]() |
$9.99
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PROPERTY FACTS
Price | $5,095,000 |
Price Per Unit | $636,875 |
Sale Type | Investment |
Cap Rate | 4.50% |
Gross Rent Multiplier | 16.23 |
No. Units | 8 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.22 AC |
Building Size | 5,840 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built | 1988 |
Parking Ratio | 2.74/1,000 SF |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Carpet
SITE AMENITIES
- Courtyard
- Laundry Facilities
- Gas Range
- Storage Space
- Private Bathroom
UNIT MIX INFORMATION
DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
---|---|---|---|
2+2 | 8 | $3,298 | 715 - 730 |
1 of 1
Walk Score®
Very Walkable (88)
PROPERTY TAXES
Parcel Number | 416-531-17 | Improvements Assessment | $595,222 |
Land Assessment | $992,048 | Total Assessment | $1,587,270 |
ZONING
Zoning Code | RM-1-1 (Multi-Family) |