1478 Hornblend St San Diego, CA 92109

Property Details for 1478 Hornblend St

Year built

1969

Property size

8,074 SF

Property type

Apartment buildings

Description

This exceptional 10-unit apartment building, located at 1478 Hornblend Street in the desirable Pacific Beach neighborhood of San Diego, California (92109), presents a compelling investment opportunity. The property, built in 1969 and extensively renovated in 2023, boasts 8,074 square feet of net rentable space situated on a 6,240 square foot lot. The building features a mix of unit types: one studio, six one-bedroom/one-bathroom units, two two-bedroom/one-bathroom units, and one two-bedroom/two-bathroom unit. Each unit includes private laundry facilities, adding significant value and appeal to renters. Upgrades completed in 2023 include new quartz countertops, stainless steel appliances, cabinetry, vanities, custom tile shower enclosures, split heating and air conditioning systems, vinyl plank flooring, fresh interior and exterior paint, new steel staircases and landings, new roofs, waterproof and deck coating, a new 400-amp electrical service, and 100-amp individual panels in each unit. Select units offer exclusive use rooftop decks with stunning ocean and bay views. The property enjoys a 100% occupancy rate, generating a current NOI of $303,091 and a pro-forma NOI of $319,155, resulting in a current cap rate of 4.46% and a pro-forma cap rate of 4.70%. The asking price is $6,795,000, translating to $679,500 per unit and $841.59 per square foot. The property includes nine parking spaces and is offered fee simple, with no ground lease. All work is permitted and adheres to current building codes. This turn-key asset benefits from a prime beach location and a 97 Walk Score.

Location Insight

City

San Diego

County

San Diego

State

California

Longitude

-117.242

Latitude

32.7985