Active

1704 Hornblend St

Pacific Beach CA, 92109

$13,995,000


$949.33 per sqft

Active

4 Beds

14,742 sqft

Commercial

Why buy new? A) 15-year new construction exemption from AB 1482's rent control provisions. B) Low maintenance. C) Built by a highly reputable builder who is based out of Pacific Beach and has built over 5,000 units. *** Located in the heart of Pacific Beach and walkable to countless neighborhood assets, this brand new construction mid-rise built in 2023 is a rare find in a bustling coastal community. Mix includes 18x 2 bed/2baths, 2x 1 bed/1bath, and 1x commercial retail space. Building has secure entry, lobby/mail room, elevator, garage with 21 parking spaces including 2 EV chargers, bike storage, and refuse room. Apartments feature quartzite countertops, in-unit laundry, central heat & AC, vinyl flooring, balcony(s), and stainless steel appliances. Apartment utilities are metered separately and paid by tenants. Building is FULLY leased & move-ins are currently underway. *Price reflects outright sale, but Seller is also willing to sell 49% interest and retain 51%. There is currently a $4.8m loan on the property at 4.5% interest.* **Cost segregation study recently completed, which will provide an additional $1.28M in depreciation for 2024. Building is solar-ready, which is estimated to provide $25k in revenue/year if installed along with additional tax credits.** Documentation is available upon request. ***Exceptional walkability to groceries, restaurants, cafes, gyms, yoga studios, and more. 1.5 miles to the ocean, 1.5 miles to Interstate 5, and a 15 minute drive to San Diego International Airport. *3.73% Cap Rate | 18.3 Gross Rent Multiplier.

240003803

MLS ID

February 21, 2024

Listed

April 18, 2024

Updated

Map

1704 Hornblend St
Pacific Beach CA, 92109

Interior Features

Total Stories

3


Bedrooms

4 Beds


Appliances

Dishwasher, Range, Refrigerator, Disposal


Laundry Description

Owned


Floor Description

See Remarks, Vinyl


Fireplace

No


Cooling

Yes


Cooling Description

Electric


Heating

Yes


Heating Description

Central Forced Air Elec

Exterior/Building Features

Lot Size

0.19 Acres


Roof

Composition

Other Property Details

Area Name

Coastal South


Days on Market

57


Garage

No


Parking

Spaces


Parking Total

21


View

No


County

San Diego


Pool

No


Buyer Agency Compensation

1.5%

Listing History

Date

Event

Price

4/12/2024

Price Change

$13,995,000

-5%

4/3/2024

Price Change

$14,595,000

-3%

3/8/2024

Price Change

$14,995,000

-4%

3/2/2024

Price Change

$15,500,000

-7%

Listed by Berkshire Hathaway HomeServices California Properties, Steven E Cairncross,
Listing Contact: 858-735-1045 

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