Sold Price:

$6,850,000

Cap Rate:

2.62%

Price/SF:

$1,837.94

Price/Unit:

$1,141,667

Gross Building Area:

3,727 SF

Lot Size:

6,999 SF

Status:

Closed

Submarket:

Coastal, North County

Property Type:

Apartments

Strategy:

Value Add

The Bove Group is pleased to present 2633 Ocean Street, Carlsbad, California 92008, the only property on the sand currently available for sale in San Diego. This is a trophy location in the European inspired Carlsbad Village. Across the street from the Army Navy Academy, this property sits on a quiet street with access to San Diego’s cleanest and best maintained beach. Carlsbad is known for its downtown district “The Village” where shoppers, tourists, and businesses thrive.

This is a generational piece of real estate that is pride of ownership location. This quaint beach city demands some of the highest rents in the nation and new businesses and restaurants are being developed constantly. There is only upward rent growth to be seen from here. With an influx of work-from-home business professionals and executives, Carlsbad has become one of the most sought-after places to live for high income earners. This property has the potential to be one of southern California’s most coveted buildings.

This deal is best suited for someone who is willing to do the work to bring out its true potential. Because this building was built in 1960 it should be modernized to take full advantage of the view and beach access.

Available with the sale is a paved but vacant parcel adjacent to the building on Ocean St. The lot is currently being used as parking for tenants.

Listed By:

Aaron Bove
Senior Vice President, Investments
aaron.bove@marcusmillichap.com
(858) 373-3237