Mar at Seaside 2401 Seaside St

A RARE 64-UNIT MULTIFAMILY COMMUNITY IN PRIME COASTAL LOCATION, ONE OF THE LARGEST AND MOST AMENITIZED ASSETS IN OCEAN BEACH, SAN DIEGO.
We are pleased to present Mar at Seaside, a truly rare 64-unit coastal asset in the Ocean Beach neighborhood of San Diego, California. The idyllic site orientation is irreplaceable, just minutes from stunning Southern California coastline and Mission Bay. The neighborhood is walkable, bikeable, and residents have access to multiple public transportation options. Situated at the heart of San Diego, the asset is proximate to major employment centers in downtown San Diego, UTC, Mission Valley, and Kearny Mesa, along with several major shopping malls, higher learning institutions, entertainment venues, recreation, the San Diego Airport, and major Interstates 5 and 8 running through San Diego County.
Constructed in 1962, Mar at Seaside is comprised of 4 studio/one-bathroom units, 51 one-bedroom/one-bathroom units, and 9 two-bedroom/ two-bathroom units spanning 1.52 acres. Interiors feature functional floorplans with fully equipped kitchens, hard surface/carpeted flooring, ceiling fans, central heating and air, and select units with views, and private balconies or patios. The community amenity package includes a resort style swimming pool, laundry facility, dog run, off-street surface parking, on-site maintenance and management services. Mar at Seaside offers a highly attractive, unique value-add upside for new ownership with only 39% of the units being renovated. The opportunity to capture organic market rent growth and reset rents by 7.5%, and gain an additional 20% by undertaking an interior, exterior, and amenity capital improvement program is significant, by installing in-unit washer/dryers, and continuation of new cabinet and fixture installations, backsplashes, vinyl-plank flooring interior doors and casings, and smart home technology. The property is well positioned to capture substantial loss-to-lease through enhancements and upgrades, resulting in rent premiums in excess of $629 (30%) per unit. The immediate opportunities available to boost near-term returns at the subject property are unmatched across the submarket. Notably, Mar at Seaside is one of only seven multifamily properties in the submarket that are 50-units or greater. The next owner will be acquiring a highly desirable asset, in scope of size, coastal location, and inherent growth potential. Backed by proximity to major employment centers, driven by San Diego’s innovative growth strategies, and the emerging public and private capital development projects ranging in billions of dollars.
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