Description

Pleased to present for sale a portfolio of three highly renovated 10-unit apartment complexes in the Pacific Beach neighborhood of San Diego. Two properties were completed and leased in 2022-2023, and the third is currently under construction with an estimated completion date of January 2024. These brand-new properties can be purchased together or separately. Properties include 1478 Hornblend St, 1468 Hornblend St, and 2121 Thomas Ave. The Hornblend located at 1478 Hornblend St is currently undergoing construction. It is comprised of (one) 2-bedroom/2-bathroom unit, (two) 2-bedroom/1-bathroom units, (five) 1-bedroom/1-bathroom units, and (two) 1-bedroom/1-bathroom ADUs. Surf House Pacific Beach located at 1468 Hornblend St is comprised of (three) 2-bedroom/1-bathroom units, (six) 1-bedroom/1-bathroom units, and (one) studio/1-bathroom unit. Board House Villas, located at 2121 Thomas Ave, is comprised of (3) 2-bedroom/1-bathroom units, (5) 1-bedroom/1-bathroom units, and (2) oversized studio/1-bathroom units. These turn-key assets have been highly renovated with a luxurious modern design using high-end materials. Each unit features convenient full-size laundry, brand-new heating and AC systems, contemporary kitchens and bathrooms, and stylish plank vinyl flooring. Select unit living rooms feature roll-up glass garage doors that open to spacious private patios, some of which even offer private hot tubs. Additionally, select units have access to rooftop decks with ocean and bay views. All work has been completed with full City of San Diego building permits and inspection to current code. Currently leased to a successful short-term vacation rental company, the property grants investors the flexibility to continue as-is or rent to long term tenants with one of Pacific Beach’s newest luxury communities. Pacific Beach is one of San Diego’s most sought-after rental markets for annual and short-term rentals characterized by consistently low vacancy rates and a high demand for quality housing. Surf House Pacific Beach offers investors the opportunity to acquire a turnkey property and capitalize on a stable and reliable rental market. Pacific Beach continues to attract high quality tenants who are willing to pay a premium to live walking distance to the most popular bars, shops, restaurants, and beaches in San Diego. Positioned to benefit from long-term appreciation and rent escalations, this property is coastally located with the investor’s longevity in mind.