Pacific Coast Commercial is pleased to offer for sale two adjacent buildings totaling 29 units located in the Historic Cortez Hill community of Downtown San Diego. Built in 1910 and 1920 these unique buildings offer prospective investors a true value add opportunity. 1571 8th Avenue, known as the Foster House, offers 8 units comprising of 6 studios, and 2 one-bedroom/one-bath units. Three of the studio units share a common bathroom and one of these three has a small kitchen. The total leasable square footage in the building is 3,342 with the average unit size at 418 SF. The building has no on-site parking spaces.

The adjacent building located at 1555 8th Avenue is comprised of 21 units in a 3-story walk-up building. This building, referred to as the Astor Apartments consists of 7,158 leasable SF. The building has 15 studios and 6 one-bedroom/one-bath units with average square footage of 341 SF. The building has no on-site parking spaces. The building has a shared laundry facility in the basement.

Highlights

This investment opportunity offers investors an opportunity to increase the NOI by reducing operating expenses and increasing rents, while being confident the land value will only continue to increase in the foreseeable future.