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4088 Crown Point Drive

San Diego, CA 92109
  • $8,700,000
  • STATUS: SOLD
  • ON SITE: 490 Days
  • ID#: 230002968
Sold - 08/28/2023
$8,700,000
SOLD - 08/28/2023
  • 3
    BEDS
  • 0.23
    ACRES
  • 4
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

Rare Opportunity to acquire 20 Bay Front Apartment Units in the Crown Point section of Pacific Beach! Long Term Ownership has done an exceptional job in maintaining and improving the building over the years. Many recent Capital Improvements should ensure a property with little to no deferred maintenance. Great unit mix of mostly 2BR/2Bath units. Plenty of off-street parking spaces. Immediate Upside in income (Low Rents, Currently no Utility Reimbursement Program in Place, Tenants not paying for parking, etc.). Long term tenants. New Windows & Sliders, New Roof 2022, Multiple Units upgraded with new flooring, appliances, cabinets, etc. Seller may consider Financing a 1st or 2nd Note.

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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/136990853
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4088 Crown Point Drive San Diego, CA 92109

  • Price: $8,300,000
  • Status: SOLD
  • On Site: 490 Days
  • Updated: 115 min ago
  • ID#: 230002968
3
Beds
4
Baths
0
½ Baths
0.23
Acres
Neighborhood:
Pacific Beach (92109)
County:
San Diego
Area:
Pacific Beach (92109)
Property Description
Rare Opportunity to acquire 20 Bay Front Apartment Units in the Crown Point section of Pacific Beach! Long Term Ownership has done an exceptional job in maintaining and improving the building over the years. Many recent Capital Improvements should ensure a property with little to no deferred maintenance. Great unit mix of mostly 2BR/2Bath units. Plenty of off-street parking spaces. Immediate Upside in income (Low Rents, Currently no Utility Reimbursement Program in Place, Tenants not paying for parking, etc.). Long term tenants. New Windows & Sliders, New Roof 2022, Multiple Units upgraded with new flooring, appliances, cabinets, etc. Seller may consider Financing a 1st or 2nd Note.
Exterior Features

Carports 12 Construction BlockStucco Parking CarportsSpaces Parking Spaces Total 29 Roof Composition Units With Garages 0

Interior Features

Laundry Leased Sq Ft Of Improvement 14964 Units With Dishwashers 20 Units With Disposals 20 Units With Drapes 20 Units With Ranges 20 Units With Refrigerators 20

Property Features

Actual Gross Scheduled Income 493720.0 Actual Operating Expense 220472 Assumable Finance 0 Buildings 1 Complex Features Elevator Existing Financing Clear Gross Equity 11750000 Gross Multiplier 23.97 Have 20 Apartment Units Leased Apartments 20 Mandatory Remarks None Known Market Area Coastal South Monthly Rent Total 40935 Motive Want Cash Out Other Income Actual 2500 Other Income Amount 2500 Other Income Source Laundry Projected Cap Rate 4.82 Projected Gross Multiplier 14.6 Projected Gross Scheduled Inc 806400 Projected Net Income 567127 Projected Operating Expense 232081 Projected Other Income 17000 Short Sale No Sq Ft Source Buyer To Verify Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water N Terms Owner May Carry 1StOwner May Carry 2nd Unit Number1 6 Unit Number2 4 Unit Number3 10 Unit Rent Total1 9700 Unit Rent Total2 7415 Unit Rent Total3 23820 Unit Rent1 1395-2100 Unit Rent2 1750-2065 Unit Rent3 1160-3295 Unit Type Apartment Zoning Commercial

San Diego MLS logo Listing provided courtesy of Thomas Mccartin of Marcus & Millichap: 858-373-3100. 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