The Mariner Apartments | 2801 Ocean Front Walk
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The Mariner Apartments 2801 Ocean Front Walk
16 Unit Apartment Building $10,500,000 ($656,250/Unit) 3% Cap Rate San Diego, CA 92109
Investment Highlights
- 16 Units On The Sand In South Mission Beach
- 84 Feet Of Prime Beach Frontage
- First Time Ever On The Market
- Includes 2,500 sf Beachfront Penthouse
Executive Summary
PLEASE DOWNLOAD THE ATTACHED 32-PAGE OFFERING MEMORANDUM FOR THE FULL DETAILS
THE MARINER APARTMENTS
Vallera Apartment Advisors is pleased to present this exceptionally rare opportunity to acquire the largest ocean front apartment building in San Diego’s Mission Beach, The Mariner Apartments. This sixteen-unit building enjoys 84 feet of beach frontage along an 6,700+ square foot lot in beautiful South Mission Beach. This is the first time this building has ever been offered for sale.
A VARIETY OF OPPORTUNITIES
The Mariner Apartments provide an opportunity for a forward-thinking investor to perform high-end renovations and create a trophy asset for their portfolio.
» An investor could modernize and upgrade the building while retaining the existing unit floorplans.
» Contingent upon City of San Diego approvals, a purchaser could also reconfigure floorplans to divide the 2,500+ sf penthouse into multiple oceanfront apartments and/or merge adjacent studios into larger units.
» Alternately, a buyer may wish to retain and customize the penthouse for personal use.
BEACHFRONT ACCESS, OCEAN AND BAY VIEWS
All of the units feature private patios or decks. The seven 2-bedroom units and the 2,500+ sf third floor penthouse face the ocean. The three ground floor 2-bedroom units open out onto large private patios which offer indoor-outdoor living and direct beach access. The four third-floor studios enjoy wonderful views over Mission Bay.
AN IDEAL LOCATION
The site is located at the south end of Mission Beach and is bound on three sides by Ocean Front Walk, Capistrano Place and Strandway. The Mariner is ideally located 100 yards south of the Cohasset sand volleyball courts, a quarter-mile north of South Mission Beach Park and jetty, and Mission Bay is a short 200 yards east of the property. While land-use in the immediate neighborhood is primarily residential, the apartments are a walkable 300 yards south of the most southerly commercial amenities in Mission Beach, including markets, restaurants, and taverns.
IMPORTANT TERMS
All offers must include proof of source of funds.
A studio currently used as the owner’s office, a second floor 2-bedroom unit, and the three ground floor 2-bedroom units used for short-term rentals can all be delivered vacant at the close of escrow. This will allow the buyer to immediately begin renovations to their own specifications upon closing.
THE MARINER APARTMENTS
Vallera Apartment Advisors is pleased to present this exceptionally rare opportunity to acquire the largest ocean front apartment building in San Diego’s Mission Beach, The Mariner Apartments. This sixteen-unit building enjoys 84 feet of beach frontage along an 6,700+ square foot lot in beautiful South Mission Beach. This is the first time this building has ever been offered for sale.
A VARIETY OF OPPORTUNITIES
The Mariner Apartments provide an opportunity for a forward-thinking investor to perform high-end renovations and create a trophy asset for their portfolio.
» An investor could modernize and upgrade the building while retaining the existing unit floorplans.
» Contingent upon City of San Diego approvals, a purchaser could also reconfigure floorplans to divide the 2,500+ sf penthouse into multiple oceanfront apartments and/or merge adjacent studios into larger units.
» Alternately, a buyer may wish to retain and customize the penthouse for personal use.
BEACHFRONT ACCESS, OCEAN AND BAY VIEWS
All of the units feature private patios or decks. The seven 2-bedroom units and the 2,500+ sf third floor penthouse face the ocean. The three ground floor 2-bedroom units open out onto large private patios which offer indoor-outdoor living and direct beach access. The four third-floor studios enjoy wonderful views over Mission Bay.
AN IDEAL LOCATION
The site is located at the south end of Mission Beach and is bound on three sides by Ocean Front Walk, Capistrano Place and Strandway. The Mariner is ideally located 100 yards south of the Cohasset sand volleyball courts, a quarter-mile north of South Mission Beach Park and jetty, and Mission Bay is a short 200 yards east of the property. While land-use in the immediate neighborhood is primarily residential, the apartments are a walkable 300 yards south of the most southerly commercial amenities in Mission Beach, including markets, restaurants, and taverns.
IMPORTANT TERMS
All offers must include proof of source of funds.
A studio currently used as the owner’s office, a second floor 2-bedroom unit, and the three ground floor 2-bedroom units used for short-term rentals can all be delivered vacant at the close of escrow. This will allow the buyer to immediately begin renovations to their own specifications upon closing.
Data Room Click Here to Access
- Offering Memorandum
Property Facts Under Contract
| Price | $10,500,000 | Apartment Style | Low Rise |
| Price Per Unit | $656,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 3% | Building Size | 10,609 SF |
| Gross Rent Multiplier | 18.1 | Average Occupancy | 69% |
| No. Units | 16 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.6/1,000 SF |
| Price | $10,500,000 |
| Price Per Unit | $656,250 |
| Sale Type | Investment |
| Cap Rate | 3% |
| Gross Rent Multiplier | 18.1 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 10,609 SF |
| Average Occupancy | 69% |
| No. Stories | 3 |
| Year Built | 1962 |
| Parking Ratio | 1.6/1,000 SF |
Unit Amenities
- Balcony
- Storage Space
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Views
- Deck
- Patio
Site Amenities
- Controlled Access
- Laundry Facilities
- Waterfront
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | - | 2,500 |
| 2+1 | 7 | - | 687 - 742 |
| Studios | 8 | - | 382 |
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PROPERTY TAXES
| Parcel Number | 423-721-05 | Improvements Assessment | $360,612 |
| Land Assessment | $264,307 | Total Assessment | $624,919 |
PROPERTY TAXES
Parcel Number
423-721-05
Land Assessment
$264,307
Improvements Assessment
$360,612
Total Assessment
$624,919
zoning
| Zoning Code | RM |
| RM |
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The Mariner Apartments | 2801 Ocean Front Walk
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