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870 Diamond

San Diego, CA 92109
  • $11,850,000
  • STATUS: PENDING
  • ON SITE: 19 Days
  • ID#: 240012492
Pending
$11,850,000
  • 4
    BEDS
  • 0.29
    ACRES
  • 5
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

Pleased to offer for sale, for the first time ever since its construction, 870 Diamond Street, a 22 unit apartment property located just 2 blocks from the beach in desirable Pacific Beach, within its coveted northwest quadrant. Attractive Seller Financing is offered with this sale. Built in 1972, held and meticulously maintained by the same family as its original architect and developer (Henry F. Bugenhagen) for over fifty years since, this is a very rare opportunity. The unit mix consists of: 13 x 1Br/1Ba units; 3 x 1Br/1.5Ba units; and 6 x 2Br/2Ba units, each with its own generously sized private patio or balcony, some with peek ocean views. There are twenty two (22) off-street parking spaces, six of which are covered. Many units have been updated with vinyl plank flooring in kitchens and bathrooms, newer cabinetry, quartz countertops, and newer white appliances (incl. dishwasher). The building is serviced by a central elevator, two stairwells, and there are multiple controlled access ground floor entry points. Each floor (3) has its own laundry room with owned equipment. Interior hallways have a fire monitoring system and fresh air duct system. Electricity for the building is separately metered, while gas is on a master meter that powers the central recirculating boiler and hot water tank.

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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/151277558
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870 Diamond San Diego, CA 92109

  • Price: $11,850,000
  • Status: PENDING
  • On Site: 19 Days
  • ID#: 240012492
4
Beds
5
Baths
0
½ Baths
0.29
Acres
Neighborhood:
Pacific Beach (92109)
County:
San Diego
Area:
Pacific Beach (92109)
Property Description
Pleased to offer for sale, for the first time ever since its construction, 870 Diamond Street, a 22 unit apartment property located just 2 blocks from the beach in desirable Pacific Beach, within its coveted northwest quadrant. Attractive Seller Financing is offered with this sale. Built in 1972, held and meticulously maintained by the same family as its original architect and developer (Henry F. Bugenhagen) for over fifty years since, this is a very rare opportunity. The unit mix consists of: 13 x 1Br/1Ba units; 3 x 1Br/1.5Ba units; and 6 x 2Br/2Ba units, each with its own generously sized private patio or balcony, some with peek ocean views. There are twenty two (22) off-street parking spaces, six of which are covered. Many units have been updated with vinyl plank flooring in kitchens and bathrooms, newer cabinetry, quartz countertops, and newer white appliances (incl. dishwasher). The building is serviced by a central elevator, two stairwells, and there are multiple controlled access ground floor entry points. Each floor (3) has its own laundry room with owned equipment. Interior hallways have a fire monitoring system and fresh air duct system. Electricity for the building is separately metered, while gas is on a master meter that powers the central recirculating boiler and hot water tank.
Exterior Features

Carports 6 Construction FrameStucco Parking CarportsSpaces Parking Spaces Total 22 Roof Tar & Gravel Units With Garages 0

Interior Features

Cooling Other Floor Coverings VinylOther/Remarks Floors Slab Heating Radiant Laundry Owned Sq Ft Of Improvement 17547 Stories 3 Story Unit Furnished1 No Unit Furnished2 No Unit Furnished3 No Units With Dishwashers 20 Units With Ranges 22 Units With Refrigerators 22

Property Features

Actual Cap Rate 2.36 Actual Gross Scheduled Income 578220.0 Actual Operating Expense 286940 Assumable Finance 0 Buildings 1 Complex Features Elevator Existing Financing Conventional Financial Information Source OwnerOther/Remarks Fiscal Year From 24 Fiscal Year To 25 Gross Equity 6850000 Gross Multiplier 20.49 Have Equity Mandatory Remarks None Known Market Area Coastal South Monthly Rent Total 15440 Motive Want Sell Other Income Amount 6000 Other Income Source Laundry Sq Ft Source Tax Record Tenant Pays Electric Y Tenant Pays Gas N Tenant Pays Water N Terms CashOwner May Carry 1st Unit Number1 13 Unit Number2 3 Unit Number3 6 Unit Rent Total1 24765 Unit Rent Total2 5850 Unit Rent Total3 17064 Unit Rent1 1905 Unit Rent2 1950 Unit Rent3 2844 Unit Type Apartment Zoning RM-1-1

San Diego MLS logo Listing provided courtesy of Joseph Burrough of Palma Commercial: 858-822-9222. 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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