2635 Magnolia Ave, San Diego, CA 92109 - MLS#250024514SD

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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 2,390,000

Est. payment | -/mo

6,185 Sqft Lot

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$ 2,390,000

Est. payment | -/mo

Save Virtual Tour

6,185 Sqft Lot

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

MLS Listing ID 250024514SD

HOA Y/N No

Lot Size 6,185 Sqft

Property Sub-Type Mixed Use

Property Description

5.01% CAP RATE; THE HIGHEST MULTIFAMILY CAP RATE IN PB. We are pleased to present 2635-39 Magnolia Avenue, a fully renovated 5-unit complex in the highly popular Pacific Beach neighborhood of San Diego, CA. Resting near the end of a quiet col-de-sac, Magnolia features a desirable mix of four 2-bedroom /1-bath units and a single studio unit (affordable; 110% AMI). Of the four 2-bedrooms which range from 733 square feet to 750 square feet, one is a 2-story townhome. The studio is approximately 350 square feet. Units include their own in-unit washer/dryers, new vinyl plank flooring, wall-heaters, stainless steel appliances, new ceiling fans, refurbished and new cabinetry along with new kitchens and bathrooms. The complex was built in 1960 and totally restored with additional ADUs added in 2023-2024. The lot is approximately 6,185 square feet zoned RM-3-8 (1du per 800sf) with 3,525 square feet of improvements and four tandem parking spaces. Pacific Beach presents a unique opportunity due to its prime coastal location, popular restaurants and stores, and vibrant community atmosphere. The area is known for its beautiful beaches, active lifestyle, and a strong tourism market, attracting both locals and visitors year-round. This consistent influx of people creates a robust demand for various investment properties, including multifamily, retail, restaurants, and hospitality, making it a lucrative environment for investment. Additionally, Pacific Beach has seen significant development and revitalization efforts, enhancing its appeal and driving property values upward. Moreover, the strong rental market in Pacific Beach provides investors with the potential for stable cash flow and longterm appreciation. The area's demographics, characterized by a mix of young professionals, college students, families, and retirees, support a diverse range of commercial opportunities. With favorable zoning regulations and a supportive local government focused on sustainable development, investors can benefit from a proactive environment for growth. The combination of a thriving economy, desirable lifestyle, and limited available space makes Pacific Beach a compelling choice for anyone looking to invest in the area.

Location

State CA

County San Diego

Area 92109 - Pacific Beach

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Fireplace No

Exterior

Roof Type Composition

Total Parking Spaces 8

Others

Tax ID 4241110500

Virtual Tour https://www.propertypanorama.com/instaview/snd/250024514

Listed by Conor Brennan Marcus & Millichap

+1(619) 302-3010

matt@homecrave.com

San Diego, CA, 92124

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2635 Magnolia Ave San Diego, CA 92109