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2033 Garnet Ave 3 Unit Apartment Building $2,918,978 CAD ($972,993 CAD/Unit) 4.84% Cap Rate San Diego, CA 92109
INVESTMENT HIGHLIGHTS
- Views of Mission Bay
- Bike to the beach
- Fully remodeled and updated
- Walkable to local hot spots
- Close freeway access
- All units with electric wall heaters
EXECUTIVE SUMMARY
Prime coastal investment property in desirable location off Garnet Ave in the heart of Pacific Beach! Strong Cap Rate of 4.84% with a market cap over 5% and a price per unit at $525k! All 4 units fully remodeled and updated, entire building with brand new windows and repainted along with parking lot asphalt resurfaced all within the past 6 months. All 4 units fully leased with secure 12 month leases, tenants pay for electric and water. Unit B has views of Mission Bay, entire complex is walkable to prime eateries, entertainment and grocery stores, a bike ride to the beach with very close freeway access. 3 parking spots, private balcony, communal washer and dryer with dedicated laundry room.
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$194,599
|
$78.18
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$194,599
|
$78.18
|
| Taxes |
$36,487
|
$14.66
|
| Operating Expenses |
$11,599
|
$4.66
|
| Total Expenses |
$48,087
|
$19.32
|
| Net Operating Income |
$146,512
|
$58.86
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $194,599 |
| Annual Per SF | $78.18 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $194,599 |
| Annual Per SF | $78.18 |
| Taxes (CAD) | |
|---|---|
| Annual | $36,487 |
| Annual Per SF | $14.66 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $11,599 |
| Annual Per SF | $4.66 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $48,087 |
| Annual Per SF | $19.32 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $146,512 |
| Annual Per SF | $58.86 |
PROPERTY FACTS
| Price | $2,918,978 CAD | Property Subtype | Apartment |
| Price Per Unit | $972,993 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 4.84% | Building Size | 2,489 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.96 | No. Stories | 2 |
| No. Units | 3 | Year Built/Renovated | 1980/2022 |
| Property Type | Multifamily | Parking Ratio | 1.21/1,000 SF |
| Zoning | CO-1-2 - Property is a multi-family dwelling w/4 units & is located in the Pacific Beach neighborhood. The County Use Description is listed as "MULTI-RESID 2-4 | ||
| Price | $2,918,978 CAD |
| Price Per Unit | $972,993 CAD |
| Sale Type | Investment |
| Cap Rate | 4.84% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 14.96 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 2,489 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1980/2022 |
| Parking Ratio | 1.21/1,000 SF |
| Zoning | CO-1-2 - Property is a multi-family dwelling w/4 units & is located in the Pacific Beach neighborhood. The County Use Description is listed as "MULTI-RESID 2-4 |
AMENITIES
SITE AMENITIES
- Courtyard
- Furnished Units Available
- Grill
- Recycling
- Bicycle Storage
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $3,058 CAD | 400 |
| 1+1 | 1 | $3,892 CAD | 580 |
| 2+2 | 1 | $4,448 CAD | 750 |
1 1
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 424-051-05 | Total Assessment | $1,895,845 CAD (2025) |
| Land Assessment | $1,421,885 CAD (2025) | Annual Taxes | $36,487 CAD ($14.66 CAD/SF) |
| Improvements Assessment | $473,960 CAD (2025) | Tax Year | 2026 |
PROPERTY TAXES
Parcel Number
424-051-05
Land Assessment
$1,421,885 CAD (2025)
Improvements Assessment
$473,960 CAD (2025)
Total Assessment
$1,895,845 CAD (2025)
Annual Taxes
$36,487 CAD ($14.66 CAD/SF)
Tax Year
2026
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2033 Garnet Ave
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