2121 Thomas AveSan Diego, CA 92109

Property Details for 2121 Thomas Ave

Year built

1990

Lot size

0.15 AC

Property size (Sq ft)

6,653 SF

Zone code

R-3:RESTRICTED MULTIPLE

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

424-202-04-00

APU

4242020400

Description

This exceptional ten-unit apartment building, located at 2121 Thomas Ave in San Diego's desirable Pacific Beach neighborhood (zip code 92109), presents a lucrative investment opportunity. Built in 1990 and extensively renovated in 2022, this Class B property boasts 6,653 square feet on a 6,468 square foot lot (APN 424-202-04-00). The building features a mix of unit sizes: two studios (approximately 460 sq ft each), five one-bedroom/one-bathroom units (approximately 620 sq ft each), and three two-bedroom/one-bathroom units (approximately 863 sq ft each). The 2022 renovation encompassed a complete overhaul, including new quartz countertops, stainless steel appliances, cabinetry, vanities, custom tile shower enclosures, split heating and air conditioning units, vinyl plank flooring, fresh interior and exterior paint, new staircases and landings, a new roof, waterproof deck coating, and a new 400-amp electrical service with 100-amp individual panels for each unit. Further enhancing the property's appeal, each unit includes its own private laundry, and select units offer private patios and access to rooftop decks with stunning ocean and bay views. All work complies with current building codes and permits (RM-1-1 zoning). The property's strong financial performance is reflected in its $6,795,000 asking price, $287,381 NOI, and 4.23% cap rate. This turnkey asset offers a prime beach market location and exceptional value for investors seeking a high-return property in a sought-after coastal community.

• CAP approach

  CAP return

  Valuation

  6%

  $1,729,274

  6.5%

  $1,596,253

  7%

  $1,482,235

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,668,957

  Geo Method

  $3,629,568

• Alternative Use

  Use

  Valuation

  Residential

  $1,596,253

  Hospitality

  $1,462,159

  Educational

  $1,216,499

  Medical

  $1,258,337

  Retail

  $1,892,332

Location Insight

City

San Diego

County

San Diego

State

California

Latitude

32.7987

Longitude

-117.23

CBSA code

41740

CBSA name

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

Property Tax & Assessments

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