Description

9 UNITS IN OCEAN BEACH is a nine-unit multifamily property offered for sale at 4826-32 Santa Cruz Ave in San Diego’s Ocean Beach submarket. Two blocks from the beach, it pairs a coastal location with an established residential footprint.

Built in 1957, the Property has seven two-bedroom units, one one-bedroom unit and one nonconforming studio. Select units have upgraded cabinets, vinyl flooring and stainless-steel appliances. Four garages add a feature for residents and an income component for an investor; the property also occupies 0.161 acres. The mix gives a buyer several apartment types within one acquisition, while the unit upgrades show where improvements have already been made.

The beach is two blocks away, placing it within easy reach for residents. Newport Avenue’s entertainment, eateries and grocery stores add everyday destinations in Ocean Beach beyond the shoreline. That combination gives the apartments a location story a buyer can explain through specific places residents use, rather than proximity to the coast alone. The address also puts the Property within San Diego’s Ocean Beach neighborhood, where its residential scale fits the surrounding mix of smaller apartments.

At the $3,800,000 asking price, the Property is priced at $422,222 per unit. In-place NOI is $189,351 at a 5.0% in-place cap rate, while stabilized NOI is $212,958 at a 5.60% stabilized cap rate. In-place rents of $24,537 and market rents of $26,810 frame the income opportunity without relying on a change to the unit mix. For a multifamily investor, the decision centers on the existing income, the projected stabilized figures and the beachside location. Review the Offering Memorandum for the full investment presentation.