4930 Santa Monica Ave
- Excellent unit mix of seven 2 bed/ 1bath units (~890) and one 1 bed/ 1 bath (~740)
- One block from the Ocean and one block to the Newport Avenue Corridor
- Strong 4.98% cap rate with a premium yield to recent comps
- Priced at $495/SF, approximately 13% below the recent comp average of $569/SF
- Updated units, newer windows, new modern exterior paint
- Premier coastal location provides durable renter demand and long-term appreciation potential
Property Description
4930 Santa Monica Avenue is a rare opportunity to acquire a stabilized, cash flowing 8 unit apartment asset in one of San Diego's most supply constrained coastal submarkets. The excellent unit mix of seven 2 bed/ 1bath units and one 1 bed/ 1 bath, all larger than the norm for Ocean Beach, supports strong tenant retention and pricing power over time. The property is currently generating ~ $271,200 in gross income at a 4.98% cap rate, with rents still trailing market by roughly $6,600 annually, offering a low risk, no heavy lift path to a 5.16% cap rate and improved NOI. Recently updated exterior paint, gated access and a shared courtyard round out an asset that requires minimal near term capital. Location is ideal for premium rents, sitting just one block from the beach and one block from the Newport Avenue dining and entertainment corridor, with Ocean Beach Elementary two blocks away and quick connectivity to Downtown San Diego and San Diego International Airport. For an investor seeking durable income backed by irreplaceable dirt, this is a compelling, low volatility hold.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,450,000 |
| No. of Units: | 8 |
| Year Built: | 1959 |
| Lot Size: | 0.16 Acres |
| Opportunity Zone: | No |
| Price per unit: | $431,250 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
425 Linwood Ave, Unit 0
Monrovia, California
1946 Overland
Los Angeles, California
3017 Kenwood Ave
Los Angeles, CaliforniaBrokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout