Property Detail

Description

We are pleased to present 2635–2639 Magnolia Avenue, a fully renovated five-unit multifamily community ideally situated on a quiet cul-de-sac in the highly desirable Pacific Beach neighborhood of San Diego. Combining extensive property improvements, a desirable residential unit mix, and an exceptional coastal location, the offering presents investors with an opportunity to acquire a substantially modernized, income-producing asset in one of San Diego’s most sought-after rental submarkets. Originally constructed in 1960, the property underwent a comprehensive restoration in 2023–2024, including the addition of accessory dwelling units (ADUs), extensive interior renovations, and significant infrastructure and exterior improvements. The community features four (4) two-bedroom/one-bathroom residences ranging from approximately 733 to 750 square feet, including a distinctive twostory townhome, and one (1) approximately 350-square-foot studio designated as an affordable unit at 110% of Area Median Income (AMI). The property encompasses approximately 3,525 square feet of improvements on a 6,185-square-foot parcel zoned RM-3-8. Each residence has been thoughtfully updated with modern finishes and desirable amenities, including new luxury vinyl plank flooring, stainless steel appliances, renovated kitchens and bathrooms, updated cabinetry, ceiling fans, wall heaters, and convenient in-unit washers and dryers. Major plumbing improvements and upgraded exterior finishes further enhance the property’s overall condition, minimizing near-term capital expenditure requirements.