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1704 Hornblend St

San Diego, CA 92109
  • $14,595,000
  • STATUS: ACTIVE
  • ON SITE: 58 Days
  • ID#: 240003803
$14,595,000
  • 4
    BEDS
  • 0.19
    ACRES
  • 3
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

Why buy new? A) 15-year new construction exemption from AB 1482’s rent control provisions. B) Low maintenance. C) Built by a highly reputable builder who is based out of Pacific Beach and has built over 5,000 units. *** Located in the heart of Pacific Beach and walkable to countless neighborhood assets, this brand new construction mid-rise built in 2023 is a rare find in a bustling coastal community. Mix includes 18x 2 bed/2baths, 2x 1 bed/1bath, and 1x commercial retail space. Building has secure entry, lobby/mail room, elevator, garage with 21 parking spaces including 2 EV chargers, bike storage, and refuse room. Apartments feature quartzite countertops, in-unit laundry, central heat & AC, vinyl flooring, balcony(s), and stainless steel appliances. Apartment utilities are metered separately and paid by tenants. Building is FULLY leased & move-ins are currently underway. *Price reflects outright sale, but Seller is also willing to sell 49% interest and retain 51%. There is currently a $4.8m loan on the property at 4.5% interest.* **Cost segregation study recently completed, which will provide an additional $1.28M in depreciation for 2024. Building is solar-ready, which is estimated to provide $25k in revenue/year if installed along with additional tax credits.** Documentation is available upon request. ***Exceptional walkability to groceries, restaurants, cafes, gyms, yoga studios, and more. 1.5 miles to the ocean, 1.5 miles to Interstate 5, and a 15 minute drive to San Diego International Airport. *3.53% Cap Rate | 19.09 Gross Rent Multiplier.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.redtreerealty.com/homes/147801109
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1704 Hornblend St San Diego, CA 92109

  • Price: $14,595,000
  • Status: ACTIVE
  • On Site: 58 Days
  • ID#: 240003803
4
Beds
3
Baths
0
½ Baths
0.19
Acres
Neighborhood:
Pacific Beach (92109)
County:
San Diego
Area:
Pacific Beach (92109)
Property Description
Why buy new? A) 15-year new construction exemption from AB 1482’s rent control provisions. B) Low maintenance. C) Built by a highly reputable builder who is based out of Pacific Beach and has built over 5,000 units. *** Located in the heart of Pacific Beach and walkable to countless neighborhood assets, this brand new construction mid-rise built in 2023 is a rare find in a bustling coastal community. Mix includes 18x 2 bed/2baths, 2x 1 bed/1bath, and 1x commercial retail space. Building has secure entry, lobby/mail room, elevator, garage with 21 parking spaces including 2 EV chargers, bike storage, and refuse room. Apartments feature quartzite countertops, in-unit laundry, central heat & AC, vinyl flooring, balcony(s), and stainless steel appliances. Apartment utilities are metered separately and paid by tenants. Building is FULLY leased & move-ins are currently underway. *Price reflects outright sale, but Seller is also willing to sell 49% interest and retain 51%. There is currently a $4.8m loan on the property at 4.5% interest.* **Cost segregation study recently completed, which will provide an additional $1.28M in depreciation for 2024. Building is solar-ready, which is estimated to provide $25k in revenue/year if installed along with additional tax credits.** Documentation is available upon request. ***Exceptional walkability to groceries, restaurants, cafes, gyms, yoga studios, and more. 1.5 miles to the ocean, 1.5 miles to Interstate 5, and a 15 minute drive to San Diego International Airport. *3.53% Cap Rate | 19.09 Gross Rent Multiplier.
Exterior Features

Parking Spaces Parking Spaces Total 21 Roof Composition

Interior Features

Cooling Central Forced Air Elec Floor Coverings Vinyl Floors Other/Remarks Heating Central Forced Air Elec Laundry Owned Sq Ft Of Improvement 14742 Stories 3 Story Units With Dishwashers 20 Units With Disposals 20 Units With Ranges 20 Units With Refrigerators 20

Property Features

1st Loan Assumable No 1st Loan Balance 4800000 1st Loan Interest 4.5 Actual Cap Rate 3.53 Actual Gross Operating Income 764607 Actual Gross Scheduled Income 802908.0 Actual Operating Expense 249250 Actual Vacancy And Credit Loss 38301 Assumable Finance 0 Buildings 1 Complex Features Elevator Financial Information Source AccountantOwner Gross Equity 0 Gross Multiplier 19.09 Have 20 RES UNITS+1 COMMERCIAL Leased Apartments 21 Mandatory Remarks None Known Market Area Coastal South Monthly Rent Total 65209 Motive Want Sell Other Income Amount 1700 Other Income Source Parking Projected Cap Rate 3.53 Projected Fl Ins Expense 8000 Projected Gas And Electric 15526 Projected Gross Multiplier 19.09 Projected Gross Operating Inc 764607 Projected Gross Scheduled Inc 802908 Projected Maintenance Expense 20000 Projected Manager Expense 30584 Projected Net Income 515357 Projected Operating Expense 249250 Projected Other Expense 5000 Projected Taxes Expense 175140 Projected Total Expense 249250 Projected Vacancy And Credit Loss 38301 Short Sale No Sq Ft Source Buyer to VerifyOwnerPlansTax Record Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water Y Terms CashCash to New Loan Unit Number1 18 Unit Number2 2 Unit Number3 1 Unit Type ApartmentOther/Remarks

San Diego MLS logo Listing provided courtesy of Steven Cairncross of Berkshire Hathaway HomeServices California Properties: 858-735-1045. Listing information © 2024 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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San Diego CA, 92110