5.01% CAP RATE; THE HIGHEST MULTIFAMILY CAP RATE IN PB. We are pleased to present 2635-39 Magnolia Avenue, a fully renovated 5-unit complex in the highly popular Pacific Beach neighborhood of San Diego, CA. Resting near the end of a quiet col-de-sac, Magnolia features a desirable mix of four 2-bedroom… Read More /1-bath units and a single studio unit (affordable; 110% AMI). Of the four 2-bedrooms which range from 733 square feet to 750 square feet, one is a 2-story townhome. The studio is approximately 350 square feet. Units include their own in-unit washer/dryers, new vinyl plank flooring, wall-heaters, stainless steel appliances, new ceiling fans, refurbished and new cabinetry along with new kitchens and bathrooms. The complex was built in 1960 and totally restored with additional ADUs added in 2023-2024. The lot is approximately 6,185 square feet zoned RM-3-8 (1du per 800sf) with 3,525 square feet of improvements and four tandem parking spaces. Pacific Beach presents a unique opportunity due to its prime coastal location, popular restaurants and stores, and vibrant community atmosphere. The area is known for its beautiful beaches, active lifestyle, and a strong tourism market, attracting both locals and visitors year-round. This consistent influx of people creates a robust demand for various investment properties, including multifamily, retail, restaurants, and hospitality, making it a lucrative environment for investment. Additionally, Pacific Beach has seen significant development and revitalization efforts, enhancing its appeal and driving property values upward. Moreover, the strong rental market in Pacific Beach provides investors with the potential for stable cash flow and longterm appreciation. The area’s demographics, characterized by a mix of young professionals, college students, families, and retirees, support a diverse range of commercial opportunities. With favorable zoning regulations and a supportive local government focused on sustainable development, investors can benefit from a proactive environment for growth. The combination of a thriving economy, desirable lifestyle, and limited available space makes Pacific Beach a compelling choice for anyone looking to invest in the area. Read Less
Listing Snapshot
Days Online
106
Last Updated
Property Type
Mixed Use
Lot Size
0.14 Acres
MLS Number
250024514SD
30 Days Snapshot Of 92109
$1.60M
+14%
(avg) sold price
21
-36%
homes sold
85
+49%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
3 buildings, Construction materials: Stucco
Cooling
WallWindowUnits
Expenses
Operating expense: $48,832
Heating
WallFurnace
Income
Net operating income: $122,768
Lot
0.142 acres, 6,185 square feet, Size: 6,185
Parking
8 totals parking
Roof
Composition
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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