Description

1948 Emerald Street is an 8-unit investment asset located highly desirable Pacific Beach in San Diego, available on the market for the first time in over 30 years.

The property is a rare 1980’s building with all 2 BD/2 BA units.  There are 16 parking spaces (8 tandem spaces) on an oversized lot of 9,500 square feet, as well as on-site laundry facilities.  The property has been owner-managed for 30+ years.

OPPORTUNITIES TO INCREASE INCOME

A new buyer could see immediate upside in income through implementing parking fees and incorporating a RUBS program. Additionally, several of the units may be delivered vacant, allowing the new buyer to increase rents to market rate. (Ask Broker for details)

DESIRABLE PACIFIC BEACH LOCATION

1948 Emerald Street is located in one of the most desirable rental markets in San Diego, just south of LaJolla.  Residents are willing to pay a premium to live in Pacific Beach, where they can enjoy the quintessential Southern California lifestyle.

In addition to convenient access to the Pacific Ocean, the neighborhood offers copious outdoor recreational options and an active and dynamic nightlife scene.

CLOSE PROXIMITY TO MAJOR EMPLOYMENT HUBS

With breakthrough biotech, healthcare, software, defense, clean tech, and aerospace industries, the San Diego region has one of the most dynamic economies in the country.

Pacific Beach is in close proximity to the major employment and education hubs throughout the area, such as UC San Diego and its University Town Center, and the Sorrento Valley, home to many of the world’s most prominent trailblazers in the biotech, high-tech, and telecom sectors.

HIGH BARRIERS TO HOME OWNERSHIP

San Diego has a cost of living margin of 160.1, which puts it 60.1% higher than the national average.  Although the median household income is higher than the national average, standing at $95,637, the median home price in the Pacific Beach submarket is also significantly higher, at $965,925. As such, approximately 69% of Pacific Beach residents are renters.

1948 Emerald Street offers a new buyer the opportunity to own a generational asset in one of the premier rental locations in the country.