3918-3924 Gresham St
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3918-3924 Gresham St
8 Unit Apartment Building $5,950,000 ($743,750/Unit) 3% Cap Rate San Diego, CA 92109
Executive Summary
VERY RARE OPPORTUNITY (1 of 49 lots on Sail Bay, in Pacific Beach)! *original owner* 8-unit trophy property is situated on a massive 8,119 sq ft waterfront lot on Sail Bay, in Pacific Beach, San Diego. The unit mix is comprised of (6) spacious 1BR units, and (2) bay-front 2BR units with panoramic views of the bay. The 1957 building has been well maintained by it's owners. Most of the units are in fantastic/original condition - there's plenty of room for upgrades and value-add. Rents are only slightly below market. Upgrades include a NEW ROOF, and NEW PLUMBING. This is a Legacy property that presents an incredible buy and hold opportunity, with long term development potential. For those seeking a safe and lucrative place to park capital, you will not find a better property. Waterfront property in San Diego is incredibly limited and is always in demand.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $5,950,000 | Apartment Style | Low Rise |
| Price Per Unit | $743,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 3% | Building Size | 5,412 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1990 |
| Property Subtype | Apartment |
| Price | $5,950,000 |
| Price Per Unit | $743,750 |
| Sale Type | Investment |
| Cap Rate | 3% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 5,412 SF |
| No. Stories | 2 |
| Year Built | 1990 |
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PROPERTY TAXES
| Parcel Number | 423-381-18 | Total Assessment | $407,629 (2024) |
| Land Assessment | $260,795 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $146,834 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
423-381-18
Land Assessment
$260,795 (2024)
Improvements Assessment
$146,834 (2024)
Total Assessment
$407,629 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | R3 |
| R3 |
-
Monroe Herington -
Exp Realty Of California Inc
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3918-3924 Gresham St
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