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Alexander Pfleger
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P: 858.483.4687
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4026-28 51st Street
San Diego, California CA 92105
Price: $17,400,000
ACTIVE Status, Bedrooms, Full Baths
64,904 SqFt
Listing ID # 180054468

Property Description:

Located in an Opportunity Zone, the Pacific Cove Apartments have been extensively remodeled within the past year. The exterior of the property has been painted, fitted with new windows, stairs, walkways, as well as re-landscaped with virtually no maintenance landscaping. The remodeled units all have low flow toilets, faucets and showerheads. All units have remodeled kitchens with new wood cabinets and quartz counter-tops as well as new appliances. Select units have dishwashers and all units have microwaves, new vinyl plank flooring in the common areas as well as ceiling fans. The property features units with balconies and has plenty of parking. The property consists of 44,067 sq ft of structure built in 1986 and situated on a 64,904 square foot lot. Twenty-five (25) of the units are spacious 2 Bed / 1 Bath units with in unit washers and dryers, (46) of the units are large 1 Bed / 1 Bath units and (10) are studios. There are multiple laundry rooms. The property has a low cost of operation and low maintenance.

Primary Features

Market Area: Metro Uptown
Short Sale: no
Number of Buildings: 3
Number of Units: 81
Parking Spaces Total: 95

Interior Features

Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Bedrooms (1): 2
Number of Bedrooms (2): 1

External Features

Entry Only: No

Location Information

Zip/Area: EAST SAN DIEGO (92105)

Financial Details

Actual Gross Oper Income: 1358912
Actual Gross Scheduled Income: 1400940
Actual Operating Expense: 444773
Actual Vacancy & Credit Loss: 42028
Assessors Parcel Number: 471-530-30-00
Cap Rate Actual: 5.3
Cap Rate Projected: 5.5
Gross Equity: 5400000
Gross Multiplier: 12.4
Monthly Rent Total: 116745
Price per SqFt of Improvements: 394.85
Price/Unit: 214815
Projected Gross Multiplier: 12
Projected Gross Operating Income: 1409837
Projected Gross Scheduled Income: 1453440
Projected Net Income: 965064
Projected Operating Expense: 444773
Sale/Rent: For Sale
Unit Rent (1): 1735
Unit Rent (2): 1320
Unit Rent (3): 1140
Unit Rent Total (1): 43375
Unit Rent Total (2): 60720
Unit Rent Total (3): 11400

Additional

Age: 1986
Association ID: San Diego Association of REALTORS (SDAR)
Have: Units
Mandatory Remarks: None Known
Number of Leased Apartments: 81
Number of Stories: 3
Number of Units (1): 25
Number of Units (2): 46
Number of Units (3): 10
Number of Units w/Ranges: 81
Number of Units w/Refrigerator: 81
Number Units w/Dishwashers: 81
Other Income Source: Laundry
Sales Restrictions: N/K
SqFt of Improvement: 44067

Zoning Info


Listing courtesy of South Coast Commercial, Inc.
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) services provided by SDMLS and CRMLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. © 2019 San Diego Multiple Listing Service, Inc. © 2019 California Regional Multiple Listing Service. Data updated on Tuesday, June 18th, 2019 02:23:08 PM.

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Office: 858-483-4687 | Cell: 619-339-7334 | Email: [email protected] | CA BRE #01043581 | NMLS# 373603

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The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited.

Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2019-05-20

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