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$5,400,000
Est. payment /mo
16 Beds
6,251 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Mission Beach
MLS Listing ID OC26221697
Bedrooms 16
Lot Size 6,251 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
WD Land is pleased to present the opportunity to acquire The Roxy, a fully renovated 16-unit apartment community at 4205 Noyes Street in Pacific Beach. Set at the corner of Noyes Street and Oliver Avenue, the property sits just north of the Kendall-Frost Mission Bay Marsh Reserve, a short walk from the Mission Bay shoreline and a quick ride to the Pacific Beach boardwalk, Garnet Avenue and the coast. Originally built in 1959, the two-story building was taken down to the studs in a 2021 gut renovation. Major building systems were replaced, including a new roof, new electrical and plumbing upgrades, and every unit was rebuilt with new windows, gray shaker kitchens with white countertops, blue subway-tile backsplashes and stainless appliances, new plank flooring, ceiling fans and fully remodeled baths with new vanities, tubs and patterned tile. The result is 16 turnkey junior one-bedroom homes averaging 450 SF, with 15 off-street parking spaces and a cozy coastal look carried outside through seafoam doors, iron railings and lantern lighting. At the offering price of $5,400,000 ($337,500 per unit), The Roxy offers the lowest price per door of any multifamily property currently on the market in Pacific Beach. It trades at a 4.64% cap rate on in-place income and 5.54% at market rents, with a 13.21 GRM falling to 11.77 at market. That price per unit sits about 23% below the $436,935 average of nine recent Pacific Beach sale comparables. Current rents average $2,046 per unit against a $2,300 market rent and a $2,379 average among nearby one-bedroom comparables, leaving room to grow
Location
State CA
County San Diego
Zoning Assessor
Direction On the Corner of Noyes St and Oliver Ave
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 4242712100
Acceptable Financing Cash, Exchange
Listing Terms Cash, Exchange
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Listed by Tosh Everett, DRE#02212773 Salvatore Joseph Provenza Jr
Nearby School & Business
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