Post by floridabeachcondos on May 31, 2020 12:59:50 GMT
POINT LOMA APARTMENTS
VALUE-ADD OPPORTUNITY: Point Loma Apartments offers a great repositioning opportunity with upside potential through a slight renovation of the cabinets and addition of backsplashes. Currently, most units have been upgraded with laminate wood flooring, quartz countertops and modernized bathroom vanities. A large ground floor storage space also presents an opportunity for conversion.
COASTAL “CLASS A” LOCATION: Point Loma Apartments, located in coastal Ocean Beach, is less than 1 mile from the Pacific Ocean and numerous activities in Mission Bay such as SeaWorld and Boating.
EXCEPTIONAL UNIT MIX: Point Loma Apartments offers a majority of two-bedroom floorplans, with two of the units featuring bay/park views.
DIRECT ACCESS TO KEY TRANSIT: The Point Loma Apartments are positioned less than one block from the 8 Freeway and has quick access to the 5 freeway, which provides transit to anywhere in San Diego.
CLOSE-PROXIMITY TO MAJOR RETAIL AND ACTIVITIES: The Property is located less than one mile from both the Sports Arena area and the Ocean Beach Pier, which provides residents plenty of nearby shopping, entertainment, and activity options.
NEARBY MAJOR UNIVERSITIES: The community is within close driving distance to the four major universities in the area, which are San Diego State University, University of San Diego, Point Loma Nazarene University, and University of California-San Diego. The universities have a combined total of over 72,000 yearly undergrad students, filling the submarket with a sizable demand of renters year after year.
LOW VACANCY AND HIGH RENT GROWTH: Submarket occupancy is currently above 96%, and the 2020 rent growth is projected at almost 6.2%, far outpacing the entire San Diego County.
HIGH RENT VS. OWN DELTA: With the average single-family home price in Ocean Beach being $1,310,000, and the average mortgage payment being $4,922, Point Loma Apartments is a highly attractive, affordable alternative to the cost of home ownership.
PROPERTY TOURS WILL BE AVAILABLE on Thursdays starting 5/7/20. Please contact the listing broker to schedule.
4774 W Point Loma Blvd, San Diego, CA 92107
Property Information
HIGHLIGHTS
HIGHLIGHTS
Brian Diener
Berkadia
CA Lic #02023895
(949) 223-0619
Send Message
Michael Thagard
Berkadia
CA Lic #01914522
(949) 223-0610
Send Message
Dan Shanahan
Ten-X Commercial
Client Management
(949) 790-6442
Send Message
Berkadia
CA Lic #02023895
(949) 223-0619
Send Message
Michael Thagard
Berkadia
CA Lic #01914522
(949) 223-0610
Send Message
Dan Shanahan
Ten-X Commercial
Client Management
(949) 790-6442
Send Message
VALUE-ADD OPPORTUNITY: Point Loma Apartments offers a great repositioning opportunity with upside potential through a slight renovation of the cabinets and addition of backsplashes. Currently, most units have been upgraded with laminate wood flooring, quartz countertops and modernized bathroom vanities. A large ground floor storage space also presents an opportunity for conversion.
COASTAL “CLASS A” LOCATION: Point Loma Apartments, located in coastal Ocean Beach, is less than 1 mile from the Pacific Ocean and numerous activities in Mission Bay such as SeaWorld and Boating.
EXCEPTIONAL UNIT MIX: Point Loma Apartments offers a majority of two-bedroom floorplans, with two of the units featuring bay/park views.
DIRECT ACCESS TO KEY TRANSIT: The Point Loma Apartments are positioned less than one block from the 8 Freeway and has quick access to the 5 freeway, which provides transit to anywhere in San Diego.
CLOSE-PROXIMITY TO MAJOR RETAIL AND ACTIVITIES: The Property is located less than one mile from both the Sports Arena area and the Ocean Beach Pier, which provides residents plenty of nearby shopping, entertainment, and activity options.
NEARBY MAJOR UNIVERSITIES: The community is within close driving distance to the four major universities in the area, which are San Diego State University, University of San Diego, Point Loma Nazarene University, and University of California-San Diego. The universities have a combined total of over 72,000 yearly undergrad students, filling the submarket with a sizable demand of renters year after year.
LOW VACANCY AND HIGH RENT GROWTH: Submarket occupancy is currently above 96%, and the 2020 rent growth is projected at almost 6.2%, far outpacing the entire San Diego County.
HIGH RENT VS. OWN DELTA: With the average single-family home price in Ocean Beach being $1,310,000, and the average mortgage payment being $4,922, Point Loma Apartments is a highly attractive, affordable alternative to the cost of home ownership.
PROPERTY TOURS WILL BE AVAILABLE on Thursdays starting 5/7/20. Please contact the listing broker to schedule.
Primary Property Type
Multifamily
Occupancy as of Date
05/01/2020
Year Built
1958
Floors
2
Lot Size (Acres)
0.15
Property ID
1000013064
Starting Bid
$1,300,000
Units
8
Occupancy
100%
Type of Ownership
Fee Simple
Buildings
1
Assessor's Parcel Number
448-440-03
Event Item
B294-127
Transaction Fee
5% of Winning Bid Amount (A $40K minimum applies)
Participation Deposit
$10,000
Rentable (Sq. Ft.)
6,900
Detailed Description
Berkadia is pleased to announce the exclusive offering of 4774 West Point Loma Apartments, an 8-unit apartment community built in 1958, in Ocean Beach, California. Point Loma Apartments offers potential buyers an opportunity to acquire a “coastal” San Diego apartment community within walking distance of both the Pacific Ocean and Mission Bay. Upside potential is realized through slight renovation of the cabinets and addition of backsplashes to bring the interiors to a more modern finish. Currently, most units have been upgraded with laminate wood flooring, quartz countertops and modernized bathroom vanities. A large ground floor storage space also presents an opportunity for conversion.
Point Loma/Ocean Beach is a premier submarket lined with pristine beaches and streets filled with numerous restaurants and shops. People are largely drawn to Point Loma and “O.B.” for the abundance of cultural and outdoor activities, historical sights, surfing, and beach access. With over 75,000 college students feeding the area each year and home prices averaging above $1.3M, this area is greatly dominated by renters. The current ownership has historically operated the property at or near 100% occupancy with a significant focus on keeping the property immaculately maintained. The Point Loma/Ocean Beach submarket supports some of the highest rent and occupancy rates in the metro thanks in part to limited new supply and inelastic demand; providing the next owner an opportunity to capitalize on this investment.
PORTFOLIO OPPORTUNITY: Point Loma Apartments is being offered in conjunction with two other assets located in Orange County, CA; Juno Ave Apartments (16-units in Anaheim, CA), and Jetty Drive Apartments (4-units also in Anaheim, CA). These assets may be acquired individually or as a portfolio.
JETTY DRIVE APARTMENTS
JUNO AVENUE APARTMENTS
Property Listed by: Berkadia Real Estate Advisors Inc., Lic. #01931050, Designated Officer Vincent B. Norris, Lic. #843890
Multifamily
Occupancy as of Date
05/01/2020
Year Built
1958
Floors
2
Lot Size (Acres)
0.15
Property ID
1000013064
Starting Bid
$1,300,000
Units
8
Occupancy
100%
Type of Ownership
Fee Simple
Buildings
1
Assessor's Parcel Number
448-440-03
Event Item
B294-127
Transaction Fee
5% of Winning Bid Amount (A $40K minimum applies)
Participation Deposit
$10,000
Rentable (Sq. Ft.)
6,900
Detailed Description
Berkadia is pleased to announce the exclusive offering of 4774 West Point Loma Apartments, an 8-unit apartment community built in 1958, in Ocean Beach, California. Point Loma Apartments offers potential buyers an opportunity to acquire a “coastal” San Diego apartment community within walking distance of both the Pacific Ocean and Mission Bay. Upside potential is realized through slight renovation of the cabinets and addition of backsplashes to bring the interiors to a more modern finish. Currently, most units have been upgraded with laminate wood flooring, quartz countertops and modernized bathroom vanities. A large ground floor storage space also presents an opportunity for conversion.
Point Loma/Ocean Beach is a premier submarket lined with pristine beaches and streets filled with numerous restaurants and shops. People are largely drawn to Point Loma and “O.B.” for the abundance of cultural and outdoor activities, historical sights, surfing, and beach access. With over 75,000 college students feeding the area each year and home prices averaging above $1.3M, this area is greatly dominated by renters. The current ownership has historically operated the property at or near 100% occupancy with a significant focus on keeping the property immaculately maintained. The Point Loma/Ocean Beach submarket supports some of the highest rent and occupancy rates in the metro thanks in part to limited new supply and inelastic demand; providing the next owner an opportunity to capitalize on this investment.
PORTFOLIO OPPORTUNITY: Point Loma Apartments is being offered in conjunction with two other assets located in Orange County, CA; Juno Ave Apartments (16-units in Anaheim, CA), and Jetty Drive Apartments (4-units also in Anaheim, CA). These assets may be acquired individually or as a portfolio.
JETTY DRIVE APARTMENTS
JUNO AVENUE APARTMENTS
Property Listed by: Berkadia Real Estate Advisors Inc., Lic. #01931050, Designated Officer Vincent B. Norris, Lic. #843890
