1948 Emerald St, Unit 52 San Diego, CA 92109-3561
- Apartment buildings
- 5,840 SF
- 0.22 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1948 Emerald St
- Year built
- 1988
- Lot size
- 0.22 lot acres
- Property size
- 5,840 SF
- Zone code
- R-3:RESTRICTED MULTIPLE
- Property type
- Apartment buildings
- APN
- 416-531-17-00
- APU
- 4165311700
Description
This exceptional 8-unit apartment building presents a compelling investment opportunity in the desirable Pacific Beach neighborhood of San Diego, California. Situated on a tranquil residential street, this two-story building boasts 5,840 square feet of net rentable space, spread across eight generously sized 2-bedroom, 2-bathroom units, each approximately 730 square feet. Each unit includes two assigned parking spaces in a tandem configuration, adding significant value in this location. The property also features a shared coin-operated laundry room, enhancing tenant convenience. The building sits on a sizable 9,376 square foot lot, offering ample outdoor space including large front and rear patio areas and bike storage. Ample parking is provided with 16 spaces in an expansive lot accessible from the alley. Currently fully leased with a mix of annual and month-to-month tenancies, this property offers immediate cash flow. Upgrades to finishes and appliances have been implemented over time, varying by unit. The building's layout provides a strong sense of privacy for each unit. Built in 1988, this well-maintained property is zoned RM-1-1 and benefits from its proximity to Kate Sessions Park, numerous restaurants, cafes, banks, and other amenities. The asking price is $5,299,000, representing a price per unit of $662,375, a price per square foot of $907.36, a current cap rate of 4.46%, and a pro-forma cap rate of 4.92%. The property's Net Operating Income (NOI) is $236,362, with a pro-forma NOI of $260,813. This is a rare opportunity to acquire a well-located, income-producing asset in a highly sought-after San Diego neighborhood. The APN is 416-531-17-00.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $315,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $318,000
Market price range: $319k - $803k
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Location Insight
- Map
- Local Demand
- City
- San Diego
- County
- San Diego
- State
- California
- Longitude
- -117.235
- Latitude
- 32.8034
- CBSA code
- 41740
- CBSA name
- SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA
