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SAN DIEGO NEWS
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Eight-Unit Apartment Property in San Diego’s Pacific Beach Goes for $361k/Unit

6/30/20

The Thomas Avenue Apartments, an eight-unit residential complex in San Diego, sold for $2.885 mil ($361k/unit). The 5.7k sf property is situated on a 6.5k sf lot at 2121 Thomas Ave in Pacific Beach.

The Thomas Avenue Apartments consists of five one-bedroom/one-bath units and three two-bedroom/one-bath units. A laundry room is located on-site for the tenant’s convenience. This property has the opportunity for increased rents.

Mark Morgan of ACI Apartments represented the buyer, GateHouse Multifamily LLC. Anton Burman, also of ACI, repped the sellers, Eric Frazer & Natalie Laruccia.

The deal closed at a 16.3 GRM and a 3.9% cap rate. The property commanded a premium due to the units being located less than a half-mile from the Pacific Ocean. The property was 100% occupied at time of sale.





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