Sold Price:

$2,500,000

Cap Rate:

5.64%

Price/SF:

$1,183.71

Price/Unit:

$625,000

Gross Building Area:

2,112 SF

Close of Escrow:

2/3/2021

Status:

Closed

Submarket:

Coastal

Property Type:

Apartments

Strategy:

Core Plus

INVESTMENT SUMMARY

1466-74 Pescadero Drive overlooks the ocean from atop a small bluff, and

currently operates as vacation rentals in this highly sought-after beach destination.

The property comprises four (4) newly remodeled 1BR/1BA units that are tastefully furnished and fully equipped for short-term rentals. The most impressive feature is the cliffside patio area, where guests can barbecue or use one of two hot tubs while enjoying breathtaking views of the ocean and stunning sunsets. Guests can even easily access Bermuda Beach by staircase only fifty yards south of the property. Each unit also includes one off-street parking spot. This beautiful property is a one-of-a-kind coastal asset and a turn-key vacation rental business.

Sunset Cliffs Natural Park encompasses 68 acres of bluffs and walking paths

high above the wide expanse of the Pacific Ocean. With its rugged coastline

and panoramic views, this area is popular with surfers, ocean-gazers,

and folks who like to cruise Sunset Cliffs Boulevard, which runs the length

of the cliffs.

Listed By:

Aaron Bove
Senior Vice President, Investments
aaronbove@thebovegroup.com
(858) 373-3237