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2121 Thomas Ave

10 Unit Apartment Building $6,995,000 ($699,500/Unit) 4.11% Cap Rate San Diego, CA 92109

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Investment Highlights

Seller financing available At 50% Loan To Value
Phenomenal location

1.2 million in rehab expenditures
Can rent out as short term vacation rentals

Executive Summary

Seller financing offered at up to 50% loan to value! The Board House Villas, located at 2121 Thomas Avenue, are a luxury ten unit apartment complex in the premier neighborhood of Pacific Beach. The heavily renovated asset comes equipped with a stellar unit mix featuring - two studios (460 sq ft), five (1 bedroom/ 1 bathroom units, 620 sq ft) & three (2 bedroom/ 1 bathroom units, 863 sq ft). In 2022 the complex went through an expensive and thorough renovation. Approximately $1,200,000 was invested into the property to modernize the condition. This includes but is not limited to new quartz counter tops, stainless steel appliances, cabinetry, vanities, custom tile shower enclosures, split heating and air conditioners, luxury vinyl plank flooring, fresh paint inside and outside, new staircases and landings, new roof, waterproof & deck coating, new 400 amp electrical services, 100 amp individual panels in each unit and much more. For a complete list and breakdown of construction summary/ budget, please contact list agent.

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	$418,512	$62.91
Other Income	-	-
Vacancy Loss	$12,555	$1.89
Effective Gross Income	$405,957	$61.02
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$118,576	$17.82
Net Operating Income	$287,381	$43.20

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	$418,512
Annual Per SF	$62.91

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	$12,555
Annual Per SF	$1.89

Effective Gross Income
Annual	$405,957
Annual Per SF	$61.02

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$118,576
Annual Per SF	$17.82

Net Operating Income
Annual	$287,381
Annual Per SF	$43.20

Property Facts

Price	$6,995,000	Apartment Style	Low Rise
Price Per Unit	$699,500	Building Class	C
Sale Type	Investment	Lot Size	0.15 AC
Cap Rate	4.11%	Building Size	6,653 SF
Gross Rent Multiplier	16.2	Average Occupancy	100%
No. Units	10	No. Stories	2
Property Type	Multifamily	Year Built/Renovated	1970/2022
Property Subtype	Apartment	Parking Ratio	1.2/1,000 SF

Price	$6,995,000
Price Per Unit	$699,500
Sale Type	Investment
Cap Rate	4.11%
Gross Rent Multiplier	16.2
No. Units	10
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	0.15 AC
Building Size	6,653 SF
Average Occupancy	100%
No. Stories	2
Year Built/Renovated	1970/2022
Parking Ratio	1.2/1,000 SF