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 (+/-462 SF each), spread across two single story duplexes… Read More 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. Read Less
Listing Snapshot
Days Online
40
Last Updated
Property Type
Other
Lot Size
0.14 Acres
Year Built
1947
MLS Number
250034227SD
30 Days Snapshot Of 92109
$1.66M
-9%
(avg) sold price
25
+8%
homes sold
57
-25%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
GasWaterHeater, TanklessWaterHeater
Building
Built in 1947, Levels: One, 1 story, 2 buildings
Cooling
None
Fence
Partial
Heating
NaturalGas
Income
Net operating income: $29,471
Lot
0.1434 acres, 6,246 square feet, Size: 6,246
Roof
Composition
Tenant Pays
Electricity, Gas
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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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