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1704 Hornblend St, MLS # 240009305, San Diego Commercial For Sale | PROPERTY EXPERTS

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Full Address 1704 Hornblend St , San Diego, 92109

1704 Hornblend St presented by :

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Brokered By: Berkshire Hathaway HomeServices California Properties

Price:  $13,280,000.00
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Price:13,280,000.00
Type:Com-Res Income
Lot Size:0.19
MLS #240009305

Directions

Corner of Hornblend St and Jewell St

Remarks

In the heart of Pacific Beach and walkable to countless neighborhood assets, this fully leased brand new construction elevator mid-rise built in 2023 with exceptional parking 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. New construction exemption from AB 1482 rent control applies. Low maintenance design and built by a highly reputable local builder who has built over 5,000 units! *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.**  4.00% Cap Rate | 17.37 Gross Rent Multiplier.

Brokered By: Berkshire Hathaway HomeServices California Properties

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