Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Triplex Near Pacific Beach Title is generated by Realmo AI

    2134 Reed Avenue, San Diego, CA 92109

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Triplex with value-add potential near the bay.

    Type:Multifamily
    Property size:
    1,824 SF
    Price / SF:
    $1,036/SF
    Added:
    Oct 3, 2025
    Days on Market:
    230
    Last Refresh:
    Mar 16 at 3:48 pm

    Property Features for 2134 Reed Avenue

    General Information

    Standard status
    Active
    Size
    1,824 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1947

    We can help!

    Listing Contact
    Conor Brennan

    Listing agent Conor Brennan License #01918598

    Listing office CBRE - San Diego

    Listing date Oct 3, 2025

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of CBRE - San Diego

    HighLights

    • Prime location: Two blocks from the bay in the highly desirable Pacific Beach neighborhood, with excellent walkability to the bay, beach, and Garnet Avenue amenities.
    • Recent major renovations: Includes two new roofs, new front house foundation, and fully rehabbed rear units with high‑end finishes.
    • Updated systems and amenities: Upgraded power, individual washer/dryers, and all‑new kitchens and baths in the rear units.
    • Income potential: Triplex with two renovated 1‑bedroom units and a partially upgraded 2‑bedroom cottage, offering strong cash flow potential.
    • Value‑add opportunity: Ideal for investors, owner/users, or ADU builders.
    • Restored property: Built in 1947 and restored in 2022, with rebuilt fences.

    Overview

    Located in the Pacific Beach neighborhood of San Diego, California, 2134 Reed Avenue is a renovated triplex with value-add potential, situated two blocks from the bay. Constructed in 1947 and restored in 2022, the property includes two completely renovated rear 1-bedroom/1-bath units (approximately 500 SF each) and a partially upgraded 2-bedroom cottage (approximately 824 SF). The complex has undergone major upgrades in the last two years, including updated power, individual washer/dryers, and all-new kitchens and baths in the rear units. New roofs and a new front house foundation have been installed. The fences have also been completely rebuilt. This triplex offers prime walkability to the bay, beach, and the shops, stores, restaurants, and entertainment options on Garnet Avenue. It is suitable for investors, owner/users, ADU builders, or those seeking strong cash flow. The property has a total size of 1824 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.2298274
    Latitude
    32.798426

    Nearby Similar for Sale

    • $815,000
      1,524 SF

      Industrial Condo Near Otay Border

      Industrial condominium near Otay Border truck crossing with warehouse space.
      10050 Via De La Amistad, San Diego, CA 92154
      View Details
    • $950,000
      2,700 SF

      San Diego Triplex with New Roofs

      Well-maintained triplex with income potential and upside in San Diego.
      4077 Winona avenue #79, San Diego, CA 92105
      View Details
    • $8,995,000
      9,112 SF

      San Diego Multifamily Investment Opportunity

      NNN leased 26-unit property with repositioning potential.
      4017 42nd St, San Diego, CA 92105
      View Details
    • $1,995,000
      2,326 SF

      Normal Heights Canyon Rim Triplex

      Income-producing triplex with canyon views in Normal Heights.
      3560-64 Sydney Place, San Diego, CA 92116
      View Details
    • $2,295,000
      4,148 SF

      Hillcrest Multifamily Investment Opportunity

      Classic 6-unit apartment building in San Diego's vibrant Hillcrest neighborhood.
      3409-21 5th Avenue, San Diego, CA 92103
      View Details
    • $2,500,000
      3,396 SF

      San Diego Retail Auto Facility

      Retail auto repair facility with long-term tenant in San Diego.
      4491 Park Boulevard, San Diego, CA 92116
      View Details
    • $750,000
      1,277 SF

      San Diego Warehouse/Office Condo

      1277 SF warehouse/office condo near Mexico border, easy freeway access.
      10005 Marconi Drive, San Diego, CA 92154
      View Details
    • $3,100,000
      3,350 SF

      Linda Vista Multifamily Investment Opportunity

      Remodeled duplex plus four new units in San Diego.
      1993-1999 Westinghouse St, San Diego, CA 92111
      View Details
    • $1,424,895
      2,905 SF

      Newer San Diego Triplex For Sale

      Upgraded 3-unit property built in 2020 with modern amenities.
      3775 - 3779 TEAK STREET, San Diego, CA 92113
      View Details
    • $1,829,000
      2,860 SF

      Corner Lot Triplex in San Diego

      Triplex with ADU near Trolley Barn Park.
      1815 Mission Cliff Dr, San Diego, CA 92116
      View Details
    • $1,950,000
      3,464 SF

      Golden Hill Multifamily Investment Property

      Four-unit multifamily property in San Diego's Golden Hill neighborhood.
      3042-48 Broadway, San Diego, CA 92102
      View Details
    • $1,000,000
      3,900 SF

      San Diego Quadruplex Investment Opportunity

      Four-unit property with income potential in San Diego, California.
      2949 Logan Avenue 55, San Diego, CA 92113
      View Details

    FAQs

    What type of property is this?
    Triplex - Triplex with value-add potential near the bay.
    Where is this triplex located?
    The property is located at 2134 Reed Avenue San Diego, CA.
    What is the asking price?
    The asking price for this property is $1,890,000.
    What are key features of this property?
    This property features: Prime location: Two blocks from the bay in the highly desirable Pacific Beach neighborhood, with excellent walkability to the bay, beach, and Garnet Avenue amenities.; Recent major renovations: Includes **two new roofs, new front house foundation, and fully rehabbed rear units with high‑end finishes.**; Updated systems and amenities: Upgraded power, individual washer/dryers, and all‑new kitchens and baths in the rear units.
    (720) 841-8139 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Conor Brennan
    Real Estate License ID: 01918598
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2134 Reed Avenue, San Diego, CA 92109
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!