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3874-80 Riviera

San Diego, CA 92109
  • $5,998,000
  • STATUS: ACTIVE
  • ON SITE: 23 Days
  • ID#: 240012105
$5,998,000
  • 8
    BEDS
  • 0.19
    ACRES
  • 6
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1970
County:

School Ratings & Info

Description

REFRESHED AND IMPROVED! Incredible once-in-a-lifetime opportunity to acquire a six-unit trophy property directly on the sand in Sail Bay. $347,857 gross in 2023! Projected gross profit over 500k! The property exudes the pride of ownership, meticulously maintained over the last 18 years. The main unit boasts water views from every main living area, tons of natural light, 4 bedrooms and 2.5 bathrooms. Plenty of entertainment space with multiple balconies, patio, grass space, 3 living rooms/ family rooms and direct sand access to enjoy water activities. This one-of-a-kind property also includes (1) 2 bed/2.5 bath and (4) 1 bed/1 bath units, currently rented below market value rents. There is potential to increase the NOI by bringing all rents to market rates. The main 4 bed/2.5 bath unit is an extremely successful vacation rental, continuously booked year-round. Additional income from the laundry machines on the property. Each unit is individually metered for electricity, with a new roof installed in 2021. This property has been self-managed for the last 18 years by the current owners, ensuring exceptional care. This rare offering presents a unique opportunity to add a highly sought-after asset to your commercial real estate portfolio. Don't miss out on this chance to acquire a well-maintained property in a prime location.

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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/151104609
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3874-80 Riviera San Diego, CA 92109

  • Price: $5,998,000
  • Status: ACTIVE
  • On Site: 23 Days
  • ID#: 240012105
8
Beds
6
Baths
0
½ Baths
0.19
Acres
1970
Built
Neighborhood:
Sail Bay
County:
San Diego
Area:
Pacific Beach (92109)
Property Description
REFRESHED AND IMPROVED! Incredible once-in-a-lifetime opportunity to acquire a six-unit trophy property directly on the sand in Sail Bay. $347,857 gross in 2023! Projected gross profit over 500k! The property exudes the pride of ownership, meticulously maintained over the last 18 years. The main unit boasts water views from every main living area, tons of natural light, 4 bedrooms and 2.5 bathrooms. Plenty of entertainment space with multiple balconies, patio, grass space, 3 living rooms/ family rooms and direct sand access to enjoy water activities. This one-of-a-kind property also includes (1) 2 bed/2.5 bath and (4) 1 bed/1 bath units, currently rented below market value rents. There is potential to increase the NOI by bringing all rents to market rates. The main 4 bed/2.5 bath unit is an extremely successful vacation rental, continuously booked year-round. Additional income from the laundry machines on the property. Each unit is individually metered for electricity, with a new roof installed in 2021. This property has been self-managed for the last 18 years by the current owners, ensuring exceptional care. This rare offering presents a unique opportunity to add a highly sought-after asset to your commercial real estate portfolio. Don't miss out on this chance to acquire a well-maintained property in a prime location.
Exterior Features

Exterior Stone Fencing Gate Frontage BayOcean/Sand Roof Composition Topography Level Unit1 Exclusive Use Yard Yes Unit2 Exclusive Use Yard No Unit3 Exclusive Use Yard No Unit4 Exclusive Use Yard No Units With Garages 0 Units With Patios 2 View BayOcean

Interior Features

Cooling Central Forced Air Furnished Units 1 Half Baths Unit1 1 Half Baths Unit2 1 Half Baths Unit3 0 Half Baths Unit4 0 Heat Equipment Forced Air Unit Heat Source Natural Gas Stories 2 Story Total Baths Unit1 3 Total Baths Unit2 3 Total Baths Unit3 1 Total Baths Unit4 1 Unit1 Laundry Hook Ups Yes Unit2 Laundry Hook Ups No Unit3 Laundry Hook Ups No Unit4 Laundry Hook Ups No Units With Cooling 1 Units With Dishwashers 2 Units With Dryers 1 Units With Fireplaces 1 Units With Range Oven 6 Units With Refrigerators 6 Units With Washers 1

Property Features

Actual Cap Rate 2.73 Additional Property Use N/K Age Restrictions N/K Annual Expense Actual 0 Association ID San Diego Association of REALTORS (SDAR) Buildings 1 Cfd Mello Roos Fee 0.0 Community PACIFIC BEACH Complex Features Laundry Facilities Complex Park Sail Bay Cross Streets La Playa Gross Rent Multiplier Actual 17.86 Gross Scheduled Income Actual 352416 Gross Scheduled Income Project 508176 Home Owners Assoc Fee Includes N/K Mandatory Remarks None Known Market Area Coastal South Monthly Total Fees 0 Other Fees 0.0 Other Income Actual 0 Projected Cap Rate 4.9 Sales Restrictions N/K Security N/K Sewer Septic Sewer Connected Short Sale No Tenant Pays Electricity Terms CashConventionalExchange Unit1 Deposit 0 Unit1 Occupied Tenant Unit1 Rent Actual 17788.0 Unit2 Deposit 4196 Unit2 Occupied Tenant Unit2 Rent Actual 4195.0 Unit3 Deposit 2190 Unit3 Occupied Tenant Unit3 Rent Actual 2190.0 Unit4 Deposit 2190 Unit4 Occupied Tenant Unit4 Rent Actual 2190.0 Water Meter on Property

San Diego MLS logo Listing provided courtesy of Jim Mcinerney of eXp Realty of Southern California, Inc.: 858-480-9945. 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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516 5th Avenue
San Diego CA, 92101