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1424 Hornblend Street

San Diego, CA 92109
  • $4,099,000
  • STATUS: ACTIVE
  • ON SITE: 33 Days
  • ID#: 240011237
UPDATED: 16 min ago
$4,099,000
  • 3
    BEDS
  • 0.13
    ACRES
  • 2
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

We are pleased to present 1424-30 Hornblend St within a desirable pocket of Pacific Beach in San Diego, CA. This Huffman building rests on a 6,237-square-foot lot and has approximately 5,800 square feet of rentable space. 1424-30 Hornblend is comprised of Four 2 Bedroom / 1 Bathroom & Four 1 Bedroom / 1 Bathroom units with 9 off-street parking spaces. 3 of the units have been partially to fully renovated (1424.5, 1428, 1430) and receive market rents while the rest are well under market showing a proven renovation model. ADU Geeks have recently provided plans for six small 318 SF studio ADUs to be built at the rear of the building which would be perfect for the value-add investor. This property offers investors the unique opportunity to acquire a value-add property in the heart of Pacific Beach near restaurants, shops, and stores. Located only seven blocks from Mission Bay and Mission Beach tenants get to enjoy water sports year-round. Pacific Beach is known by locals as PB and attracts the most desirable demographic of tenants. Increasing market demand continues to raise rent income and maintain low vacancy rates in the PB neighborhood

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/150722572
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1424 Hornblend Street San Diego, CA 92109

  • Price: $4,099,000
  • Status: ACTIVE
  • On Site: 33 Days
  • Updated: 16 min ago
  • ID#: 240011237
3
Beds
2
Baths
0
½ Baths
0.13
Acres
Neighborhood:
Pacific Beach (92109)
County:
San Diego
Area:
Pacific Beach (92109)
Property Description
We are pleased to present 1424-30 Hornblend St within a desirable pocket of Pacific Beach in San Diego, CA. This Huffman building rests on a 6,237-square-foot lot and has approximately 5,800 square feet of rentable space. 1424-30 Hornblend is comprised of Four 2 Bedroom / 1 Bathroom & Four 1 Bedroom / 1 Bathroom units with 9 off-street parking spaces. 3 of the units have been partially to fully renovated (1424.5, 1428, 1430) and receive market rents while the rest are well under market showing a proven renovation model. ADU Geeks have recently provided plans for six small 318 SF studio ADUs to be built at the rear of the building which would be perfect for the value-add investor. This property offers investors the unique opportunity to acquire a value-add property in the heart of Pacific Beach near restaurants, shops, and stores. Located only seven blocks from Mission Bay and Mission Beach tenants get to enjoy water sports year-round. Pacific Beach is known by locals as PB and attracts the most desirable demographic of tenants. Increasing market demand continues to raise rent income and maintain low vacancy rates in the PB neighborhood
Exterior Features

Carports 0 Parking Spaces Parking Spaces Total 9 Roof Composition Units With Garages 0

Interior Features

Heating Wall Laundry Owned Sq Ft Of Improvement 5800 Unit Furnished1 No Unit Furnished2 No Units With Dishwashers 8 Units With Disposals 8 Units With Drapes 0 Units With Ranges 8 Units With Refrigerators 8

Property Features

1st Loan Balance 1500000 Actual Cap Rate 3.38 Actual Cash Flow 24686 Actual Cash On Cash 24686 Actual Gross Operating Income 215503 Actual Gross Scheduled Income 222168.0 Actual Operating Expense 77058 Actual Total Pi Pay 113759 Actual Vacancy And Credit Loss 6665 Assumable Finance 0 Buildings 1 Gross Equity 0 Gross Multiplier 18.45 Have 8 legal units Leased Apartments 8 Mandatory Remarks None Known Market Area Coastal South Monthly Rent Total 222168 Motive Want exchange Other Income Actual 0 Other Income Amount 0 Other Income Source RUBS Projected Annual Pi Expense 113759 Projected Cap Rate 6.54 Projected Cash Flow 154325 Projected Cash On Cash 154325 Projected Gross Multiplier 11.54 Projected Gross Operating Inc 350544 Projected Gross Scheduled Inc 355200 Projected Net Income 268084 Projected Operating Expense 82460 Projected Other Income 6000 Projected Vacancy And Credit Loss 10656 Short Sale No Tenant Pays Electric y Tenant Pays Gas y Tenant Pays Water n Unit Number1 4 Unit Number2 4 Unit Rent Total1 11630 Unit Rent Total2 6884 Unit Rent1 2908 Unit Rent2 1721

San Diego MLS logo Listing provided courtesy of Conor Brennan of Marcus & Millichap: 720-841-8139. Listing information © 2024 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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The Neuman Team
516 5th Avenue
San Diego CA, 92101