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Brian Aarestad, Sales Associate
SOLD
$3,525,000
Date 04/19/2023

1614 Reed Ave.
San Diego, CA 92109

Mixed Use
Residence
0.1433
Lot Size
Listing Agent: Terry Moore CalDRE: 00918512 - Apartment Consultants Incorporated

Description for 1614 Reed Ave. San Diego, CA 92109

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 dcor, 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.

Property Details

220024084SD
Mixed Use, Other
San Diego
0.1433 Acres
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Listing Agent: Terry Moore CalDRE: 00918512 - Apartment Consultants Incorporated
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Brian Aarestad Dean Stalter, Broker DRE# 00625377 - 2355 Northside Drive Ste. 180, San Diego, CA 92108 | Phone: (858) 525-3262 | Email: baarestad@bhhscal.com

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