1440 Thomas Ave - Apartments FOR SALE


San Diego, CA 92109- Pacific Beach
$5,000,000 USD
858-458-3320
1440 Thomas Ave, San Diego, CA for Sale
$5,000,000 USD
Apartments - FOR SALE
1/9
null | 3.78% Cap Rate

1440 Thomas Ave
San Diego, CA 92109
Pacific Beach


OVERVIEW

Voit Real Estate Services is pleased to present 1440 Thomas Avenue, a superbly located two-story, 8-unit apartment building. Situated just one block south of Grand Avenue with lighter through traffic, just blocks from both the beach and bay while being conveniently close to all that Pacific Beach offers. It is just a few blocks from a Vons and Trader Joe’s shopping center and in close proximity to various restaurants, bars/pubs, and trendy retailers along Grand and Garnet Avenues. Additionally, it is centrally located to most of the schools in the community. WalkScore rates this location as a “Walker’s Paradise, daily errand do not require a car.” Built in 1972, the owner renovated the property in 2021 to ensure SB721 certification compliance. The Rent Roll and Proforma outline current and projected market rents, indicating a potential 7%+ upside in existing market rent. This goes up substantially by converting the back two-car garages into 350 square feet ADUs. Jumping from 7% to over 20%

FOR SALE DETAILS

PRICE

$5,000,000 USD

PRICE/SF

$773 USD /SF

# OF UNITS

8

PRICE/UNIT

$625,000

CAP RATE

3.78%

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1972

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,200 SF

ZONING

RM-1-1

APN/PARCEL ID

423-182-15

ASK ABOUT THIS PROPERTY

Mike BenchCBRE, Inc.More Info
858-458-3320

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Mike BenchCBRE, Inc.More Info
858-458-3320

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.