3531-3537 Del Rey St 8 Unit Apartment Building $4,928,465 CAD ($616,058 CAD/Unit) 4% Cap Rate San Diego, CA 92109

CBRE is pleased to present 3531-3539 Del Rey St, a one-of-a-kind 8-unit multifamily property in Pacific Beach featuring a distinctive blend of renovated historic
homes and modern new construction. Situated on an 8,276-square-foot (.19-acre) lot, the property offers a total of 5,260 rentable square feet, consisting of four upgraded
vintage units in the front and four new construction units in the rear, both completed in 2021-2022. These thoughtfully designed units provide contemporary finishes and
rare floorplans, catering to strong tenant demand in one of San Diego’s most desirable coastal submarkets. The front four units—originally Duck Hunting Cabins—retain their historic charm while offering modern upgrades, including granite countertops and dual-pane windows. The new construction units feature sleek interiors, balconies with Mission Bay and golf course views, sound-engineered walls for noise mitigation, and exceptional multi-level townhome style floorplans. Notably, one of the new construction one-bedroom units is ADA-accessible, and the driveway includes an ADA ramp for added accessibility. All units benefit from high in-place rents, with additional upside in select units.
This complex offers 11 off-street parking spaces as well as in-unit laundry, mini split AC/Heating, and designated storage for each unit, ensuring convenience for residents. Ownership benefits from low operating costs, with city trash provided for free and minimal maintenance given the units’ condition. Recent upgrades to the property include a new $100,000 fire and sprinkler system, a permeable paver driveway for efficient water drainage, and new roofs on the original four units. 3531-3539 Del Rey St is ideally located just a couple of blocks from Mission Bay, Mission Bay Golf Course, and multiple parks, including the renowned Kate Sessions Memorial Park. Residents enjoy easy
access to outdoor recreation, water activities, and San Diego’s vibrant coastal lifestyle. The property also offers convenient freeway access, making it an attractive option for tenants commuting to work or exploring all that San Diego County has to offer. This new-construction coastal complex with a partial value-add component presents investors with a rare opportunity to acquire a high-performing property in Pacific Beach, benefiting from strong cash flow, high-end renovations, and long-term appreciation.