2165 Ocean View BlvdSan Diego, CA 92113

Property Details for 2165 Ocean View Blvd

Year built

1945

Lot size

0.64 AC

Property size (Sq ft)

18,202 SF

Zone code

COMMERCIAL

Property type

Apartment buildings

APN

538-380-13-00

APU

5383801300

Description

This exceptional mixed-use investment property, located at 2165 Ocean View Blvd and 414 Sampson St in San Diego's vibrant Barrio Logan neighborhood (zip code 92113), presents a compelling opportunity for discerning investors. The property consists of eight separate structures encompassing a diverse mix of 32 units, including apartments, studios, and retail spaces, totaling 18,202 square feet on a 0.64-acre lot. Built in 1945, this two-story, Class C building currently boasts a 97% occupancy rate, generating a Net Operating Income (NOI) of $327,405, representing a 5.12% capitalization rate. However, a pro-forma analysis projects a significantly improved NOI of $454,969 and a 7.11% capitalization rate, reflecting substantial upside potential through cosmetic upgrades and proactive management. The property includes 25 parking spaces and is zoned RM-2-5. Recent capital improvements include new roofing, fencing, and modern security systems. An attractive assumable Freddie Mac loan is available with a balance of $3,216,000, featuring an interest-only rate of 3.44% through 2031. This presents a unique opportunity to acquire a well-located, income-producing asset with significant potential for value appreciation in a rapidly evolving San Diego submarket. The asking price is $6,400,000, with a price per unit of $200,000 and a price per square foot of $351.61. The property's APN is 538-380-13-00.

• CAP approach

  CAP return

  Valuation

  6%

  $4,731,136

  6.5%

  $4,367,203

  7%

  $4,055,260

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,566,114

  Geo Method

  $9,930,165

• Alternative Use

  Use

  Valuation

  Residential

  $4,367,203

  Hospitality

  $4,000,334

  Educational

  $3,328,231

  Medical

  $3,442,694

  Retail

  $5,177,248

Location Insight

City

San Diego

County

San Diego

State

California

Latitude

32.7021

Longitude

-117.136

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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