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$ 2,125,000
Est. payment | /mo
4 Beds
4 Baths
$ 2,125,000
Est. payment | /mo
4 Beds
4 Baths
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Pacific Beach
MLS Listing ID 250034227
Bedrooms 4
Year Built 1947
Property Sub-Type Res Income 2-4 Units
Property Description
It is a privilege to present for sale 1150-56 Reed Avenue in Pacific Beach! A very well-located four (4) unit property, held by the same family as its original developer for 80+ years! Comprised of all (4) one-bedroom/one-bathroom units (+/-525 SF each), spread across two single story duplexes with pitched roofs and a beachy cottage vibe. Each unit has its own yard or dedicated patio area, and there are four (4) surface off-street parking spaces at the alley. Managed from afar for quite some time, it seems there is upside in operating performance either by way of: 1) a future redevelopment of 3-story structures that would max out rentable building area in this highly coveted location, allowing for much more income once complete and rented as a modern coastal product; 2) modernizing existing units to a degree sufficient to justify higher rents in-line with updated product in the immediate area; or 3) via modernization of existing units and operating (some or all) as short term rental units after any turnovers may occur. Tenants love being within walking distance to the beach (+/-4.5 blocks), Sail Bay (+/-3 blocks), plus dining/nightlife and recreation options abound. Don't miss this opportunity to acquire an underdeveloped lot in such a prized coastal location, with ability to increase current revenue at the current units, while working towards a longer term plan geared towards maxing out density and building square footage eventually.
Location
State CA
County San Diego
Area Coastal South
Interior
Heating Wall/Gravity
Fireplace No
Exterior
Fence Partial
Utilities Available Sewer Connected
View Y/N No
Water Access Desc Meter on Property
Roof Type Composition
Building
Story 1
Water Meter on Property
Level or Stories 1
Others
Tax ID 423-152-15-00
Virtual Tour https://www.propertypanorama.com/instaview/snd/250034227
Listed by Joseph A Burrough Palma Commercial
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "