ACTIVE
1704 Hornblend St
Pacific Beach CA, 92109
$13,995,000
$949.33 per sqft
ACTIVE
4 Beds
14,742 sqft
Commercial
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.
240003803
MLSⓇ ID
February 21, 2024
Listed
May 9, 2024
Updated
Map
1704 Hornblend St
Pacific Beach CA, 92109
Interior Features
Total Stories
3
Bedrooms
4
Appliances
Dishwasher, Range, Refrigerator, Disposal
Laundry Description
Owned
Floor Description
See Remarks, Vinyl
Fireplace
No
Cooling
Yes
Cooling Description
Electric
Heating
Yes
Heating Description
Central Forced Air Elec
Exterior/Building Features
Lot Size
0.19 Acres
Roof
Composition
Other Property Details
Area Name
Coastal South
Days on Market
68
Garage
No
Parking
Spaces
Parking Total
21
View
No
County
San Diego
Pool
No
Buyer Agency Compensation
1.5%
Listing History
Date | Event | Price |
---|---|---|
4/29/2024 | Price Change | $13,995,000 -5% |
4/3/2024 | Price Change | $14,595,000 -12% |
Listed by Berkshire Hathaway HomeServices California Properties, Steven E Cairncross,
Listing Contact: 858-735-1045
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Data last updated 5:11 AM UTC, 5/9/2024