3918 Gresham St San Diego, CA 92109

This exceptional Class A, 8-unit apartment building presents a rare investment opportunity in San Diego's coveted Pacific Beach neighborhood. Situated on a substantial 8,119 square foot waterfront lot in Sail Bay (one of only 49 lots), this property boasts a prime location and significant upside potential. The building, constructed in 1957, comprises six spacious one-bedroom units and two bay-front two-bedroom units offering panoramic bay views. While many units retain their original, well-maintained condition, there's ample room for value-add renovations to further increase profitability. Current rents are slightly below market, providing immediate opportunity for increased cash flow. Recent upgrades include a new roof and plumbing system. The property's RM 2-5 zoning allows for long-term development possibilities, making it an ideal buy-and-hold investment with substantial future growth potential. The 5,412 square foot building offers a 3.00% cap rate and is listed at $5,950,000. This is a truly unique opportunity to acquire a legacy property in a highly desirable, limited-supply waterfront location. Don't miss this chance to secure a lucrative and stable investment in San Diego's thriving real estate market.