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1440 Thomas Ave 8 Unit Apartment Building $6,979,600 CAD ($872,450 CAD/Unit) 3.78% Cap Rate San Diego, CA 92109
EXECUTIVE SUMMARY
Voit Real Estate Services is pleased to present 1440 Thomas Avenue, a superbly located two-story, 8-unit apartment building. Situated just one block south of Grand Avenue with lighter through traffic, just blocks from both the beach and bay while being conveniently close to all that Pacific Beach offers. It is just a few blocks from a Vons and Trader Joe’s shopping center and in close proximity to various restaurants, bars/pubs, and trendy retailers along Grand and Garnet Avenues. Additionally, it is centrally located to most of the schools in the community. WalkScore rates this location as a “Walker’s Paradise, daily errand do not require a car.” Built in 1972, the owner renovated the property in 2021 to ensure SB721 certification compliance.
The Rent Roll and Proforma outline current and projected market rents, indicating a potential 7%+ upside in existing market rent. This goes up substantially by converting the back two-car garages into 350 square feet ADUs. Jumping from 7% to over 20%
The Rent Roll and Proforma outline current and projected market rents, indicating a potential 7%+ upside in existing market rent. This goes up substantially by converting the back two-car garages into 350 square feet ADUs. Jumping from 7% to over 20%
PROPERTY FACTS
| Price | $6,979,600 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $872,450 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 3.78% | Building Size | 6,470 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 88% |
| Gross Rent Multiplier | 17.48 | No. Stories | 2 |
| No. Units | 8 | Year Built/Renovated | 1972/2021 |
| Property Type | Multifamily | Parking Ratio | 1.24/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM-1-1 - Multiple Residential | ||
| Price | $6,979,600 CAD |
| Price Per Unit | $872,450 CAD |
| Sale Type | Investment |
| Cap Rate | 3.78% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 17.48 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 6,470 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built/Renovated | 1972/2021 |
| Parking Ratio | 1.24/1,000 SF |
| Zoning | RM-1-1 - Multiple Residential |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Range
- Carpet
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Online Services
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | 700 |
| 2+1 | 3 | - | 970 - 1,000 |
1 1
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 423-182-15 | Improvements Assessment | $802,629 CAD |
| Land Assessment | $3,633,405 CAD | Total Assessment | $4,436,034 CAD |
PROPERTY TAXES
Parcel Number
423-182-15
Land Assessment
$3,633,405 CAD
Improvements Assessment
$802,629 CAD
Total Assessment
$4,436,034 CAD
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1440 Thomas Ave
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