1468-1478 Hornblend St San Diego, CA 92109

Property Details for 1468-1478 Hornblend St

Year built

1969

Property size

15,193 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a fully renovated, 20-unit apartment building in the highly desirable Pacific Beach neighborhood of San Diego, California. The property, located at 1468-1478 Hornblend St, boasts a prime coastal location with stunning ocean and bay views from select rooftop decks. Comprising two buildings on two lots totaling 12,338 square feet, the complex features a mix of studio, one-bedroom, and two-bedroom units, all meticulously updated in 2023. Upgrades include new quartz countertops, stainless steel appliances, custom tile shower enclosures, split heating and air conditioning systems, vinyl plank flooring, fresh interior and exterior paint, new staircases and landings, and new roofs. The property also benefits from a new 400-amp electrical service with individual 100-amp panels for each unit, ensuring modern functionality. Every unit includes its own private laundry. The property is currently operating at 100% occupancy, generating a strong NOI of $582,411, with a pro-forma NOI projected at $605,842. The asking price is $13,795,000, representing a cap rate of 4.22% and a pro-forma cap rate of 4.39%. Built in 1969, this Class B property offers a compelling combination of location, recent renovations, and strong financial performance, making it an ideal addition to any investment portfolio. The property's walk score of 97 underscores its convenient location within a vibrant, walkable community. This fee-simple ownership opportunity presents a truly turnkey investment in a prime beach market. The APN is 423-092-10-00 & 423-092-11-00.

Location Insight

City

San Diego

County

San Diego

State

California

Longitude

-117.242

Latitude

32.7985