4802 Orchard Ave - Apartments FOR SALE


San Diego, CA 92107
$10,950,000 USD
858-373-3213
4802 Orchard Ave, San Diego, CA for Sale
$10,950,000 USD
Apartments - FOR SALE
1/14
null | 3.84% Cap Rate

4802 Orchard Ave
San Diego, CA 92107


HIGHLIGHTS

  • Highly Coveted Ocean Beach Location A Bit Over A Block From The Ocean
  • All Large 2-Bedroom /1-Bath Units Approximately 775 Square Feet
  • Fully Remodeled Interiors & Exteriors 2021-2022
  • All Units Include Washer/Dryers & Access To Private Replastered Pool
  • In-Unit PTAC A/C And Heating Throughout Property
  • Tenants Pay Majority Of Utilities | Low Maintenance Building

OVERVIEW

We are pleased to present 4802 Orchard Avenue, a 16-unit completely remodeled apartment complex just over a block from the beach in the highly desirable Ocean Beach neighborhood of San Diego, California. Composed of a very rare mix of all 2-bedroom / 1-bath units on a large 14,699 square foot lot, this 1961-built complex was fully renovated from 2021- 2022. All units are approximately 775 square feet resting within two mirror image 2-story structures. The building has received highest-end upgrades including all new interiors featuring top tier kitchens, bathrooms, washer/dryers and exterior rehab. Major interior plumbing work has been done and major electric work including re-wiring, sixteen 60-amp sub-panels and 600-amp main service newly purchased and installed. A pool at the center of the property was replastered in 2015. A pool room includes a new 100-gallon water heater and outdoor shower area next to the pool. 11 Off street parking spaces (8 of which are covered) rest at the rear of the property adjacent to 11 non-monetized storage spaces for tenants. Units are individually metered for SDG&E and master metered for water and tenants reimburse owner $50/month each for water usage. Resting just over a block from the Ocean and a few blocks from Sunset Cliffs, Orchard Avenue enjoys one of the highest demand rental markets in San Diego, making this property appealing to potential renters or future buyers. Only six multifamily properties above 5 units have traded in the Ocean Beach sub-market in the last year, making this a rare, highly desirable investment. Ocean Beach offers an array of entertainment with shops, restaurants, beaches and attractions all within walking distance. Ocean Beach is one of the closest beach communities to Downtown San Diego that has recently begun a visible transformation with new complexes, residences and stores flourishing across the neighborhood. This property is an excellent investment for the investor seeking an extremely well-located complex in an up-and-coming market, and minimal remaining work in return for significant upside.

FOR SALE DETAILS

PRICE

$10,950,000 USD

PRICE/SF

$650 USD /SF

# OF UNITS

16

PRICE/UNIT

$684,375

CAP RATE

3.84%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1940

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,810 SF

ZONING

C

APN/PARCEL ID

448-252-12

ASK ABOUT THIS PROPERTY

Conor BrennanMarcus & MillichapMore Info
858-373-3213

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Conor BrennanMarcus & MillichapMore Info
858-373-3213

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