Active

1704 Hornblend St

San Diego CA, 92109

$13,995,000


Active

Commercial

Listed by Steven Cairncross with Berkshire Hathaway HomeServices California Properties 858-459-0501

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. *3.73% Cap Rate | 18.3 Gross Rent Multiplier.

240003803SD

MLS ID

February 21, 2024

Listed

April 12, 2024

Updated

Map

1704 Hornblend St
San Diego CA, 92109

Interior Features

Fireplace

No


Cooling

Yes


Heating

Yes


Heating Description

Forced Air

Exterior/Building Features

Lot Size

0.29 Acres


Roof

Composition

Other Property Details

Area Name

92109 - Pacific Beach


Days on Market

51


Garage

No


Parking Total

21


View

No


County

San Diego


Pool

No


Buyer Agency Compensation

1.5%

Listing History

Date

Event

Price

4/12/2024

Price Change

$13,995,000

-5%

4/3/2024

Price Change

$14,595,000

-3%

3/8/2024

Price Change

$14,995,000

-4%

3/2/2024

Price Change

$15,500,000

-7%

Listing Contact: 858-459-0501 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 4/12/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 4/12/2024 at 11:10 PM UTC

 

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