1536 Reed Ave
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1536 Reed Ave
4 Unit Apartment Building $4,207,017 CAD ($1,051,754 CAD/Unit) 5.04% Cap Rate San Diego, CA 92109
Investment Highlights
- 4 Fully Remodeled Turn-Key Units + One Non-Conforming Unit
- Property Consists Of: (1) Detached House, (2) Two Bed/Two Bath, (1) One Bed/One Bath, & (1) Studio (non-conforming) Unit
- Upgraded Home: ABS Pipes, Dual-Pane Windows, Granite Counters, New Cabinets, Dishwasher, In-Unit Washer/Dryer, Wood Floors & Private Front Yard
- 5% Cap Rate On Current In-Place Rents (includes non-conforming rent)
- Four Single-Car Garages (New Doors/Jambs with Electric Openers) + Tandem Driveway
- Repaved Driveway and Concrete Throughout the Property
Executive Summary
Exceptional opportunity to acquire 4 turn-key units plus one non-conforming on a quiet residential street in the highly sought after Sail Bay community of Pacific Beach. A short walking distance to the bay, this property is ideal for long-term investment. The complex is comprised of two buildings. The front building is a 2Bed/2Bath detached house. The back building is two stories: lower level consists of 1Bed/1Bath and a non-conforming studio unit. The upper level consists of two 2Bed/2Bath units and a large outdoor patio space. The lower level was originally a 2Bed /2Bath and was split into a 1Bed/1Bath and a studio unit. This can easily be converted back to a 2Bed/2Bath. Current 5.04% cap rate includes rent from the non-conforming studio and would remain at that level in the event it was converted back to a 2bed/2bath unit. The property has been extensively remodeled and features spacious layouts, on-site laundry room, washer/dryer in front house, granite counters, hardwood/tiled/vinyl floors, four single-car garages and a tandem driveway.
Property Facts
| Price | $4,207,017 CAD | Building Class | C |
| Price Per Unit | $1,051,754 CAD | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 3,675 SF |
| Cap Rate | 5.04% | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1984 |
| Property Subtype | Apartment | Parking Ratio | 1.63/1,000 SF |
| Apartment Style | Low Rise |
| Price | $4,207,017 CAD |
| Price Per Unit | $1,051,754 CAD |
| Sale Type | Investment |
| Cap Rate | 5.04% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 3,675 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1984 |
| Parking Ratio | 1.63/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Ceiling Fans
- Tile Floors
- Granite Countertops
- Hardwood Floors
- Carpet
- Yard
- Double Pane Windows
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 3 | - | - |
| 1+1 | 1 | - | - |
1 of 1
Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 423-193-13 | Improvements Assessment | $536,636 CAD |
| Land Assessment | $2,295,612 CAD | Total Assessment | $2,832,248 CAD |
PROPERTY TAXES
Parcel Number
423-193-13
Land Assessment
$2,295,612 CAD
Improvements Assessment
$536,636 CAD
Total Assessment
$2,832,248 CAD
zoning
| Zoning Code | R3 |
| R3 |
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Anni Grimes, CCIM -
Coldwell Banker Commercial
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1536 Reed Ave
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