1704 Hornblend St, San Diego, CA 92109
Commercial property
Sold June 2024
Listing Agent: Steven Cairncross (DRE #00859218) · Listing Office: Berkshire Hathaway HomeServices California Properties · Contact: 858-945-1316 · Bought with: Evan Faulkner · Hunter Beaumont, Broker · MLS #240009305SD · Source: CRMLS
About this commercial property
In the heart of Pacific Beach and walkable to countless neighborhood assets, this fully leased brand new construction elevator mid-rise built in 2023 with exceptional parking 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. New construction exemption from AB 1482 rent control applies. Low maintenance design and built by a highly reputable local builder who has built over 5,000 units! *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.** 4.00% Cap Rate | 17.37 Gross Rent Multiplier.
Listing description from the June 2024 sale, as reported to CRMLS.
Sale history