Sold

1614-20 Reed Ave.

Pacific Beach CA, 92109

$3,575,000


$620.01 per sqft

Sold

8 Beds

5,766 sqft

Commercial

JUST REDUCED!!!! This is the BEST Pacific Beach value add opportunity that I have seen in my thirty plus year career! The property is located on a low traffic street within a mile of the coast and less than three quarters of mile from Mission Bay and is within minutes of I-5 and I-8. Four one bedroom and four two bedroom units which is a better unit mix than 70% of buildings between 5-20 units. Rents are currently well below market. Property manager reports that all leases are month to month. Owner of a twin renovated building three blocks away states his rents are $3,000 for one bed and $4,200 for two bed units. Making renovations can make the rents yield an NOI better than $200k annually. Most of the units have vinyl flooring, upgraded kitchens and baths, attractive new tile showers, stainless steel appliances, tasteful interior decor, and ceiling fans. Rents shown reflect a 10% increase effective 5/1/23. For a qualified rehabber a 60% loan to value may be possible. Please include a completed "AS-IS addendum" from documents section with all offers.

220024084

MLS ID

September 20, 2022

Listed

February 15, 2024

Updated

Map

1614-20 Reed Ave.
Pacific Beach CA, 92109

Interior Features

Total Stories

2


Bedrooms

8 Beds


Appliances

Range, Refrigerator


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.14 Acres

Other Property Details

Area Name

Coastal South


Taxes

$41,828


Tax Frequency

Annually


Days on Market

120


Garage

No


Parking Total

5


View

No


County

San Diego


Pool

No


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

4/19/2023

Price Change

$3,525,000

-2%

4/19/2023

Unknown

Listed by Apartment Consultants, Inc., Terry Moore,
Listing Contact: 619-889-1031 

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