1478 Hornblend St Immeuble residentiel 10 lots 5 409 311 € (540 931 €/Lot) Taux de capitalisation 4,73 % San Diego, CA 92109

The Bove Group is proud to present The Surf House at 1478 Hornblend Avenue—an exceptional, fully rebuilt 10-unit apartment community in the heart of Pacific Beach, San Diego. Priced at $6,350,000, the property delivers a true 4.73% cap rate and a 14.93 GRM, offering investors a rare combination of strong in-place cash flow, premium construction quality, and a trophy coastal location in one of Southern California’s most supply-constrained markets.
Completed in June 2024, The Surf House is not a legacy asset—it was rebuilt from the ground up with 100% City of San Diego permits and constructed to current code. All systems are brand new, including 600-amp electrical service with 100 amps per unit, new plumbing, a central water heater, and a 2024 fire sprinkler system. Structural upgrades feature a new foundation, roof, dual-pane windows, stucco, gutters, and steel staircases. The interiors reflect true Class A quality, with quartz countertops, custom cabinetry, stainless steel appliances, designer tile, luxury vinyl plank flooring, in-unit laundry, and energy-efficient mini-split HVAC systems. Every unit also includes private outdoor space, with either exclusive-use yards or roof decks offering panoramic ocean and bay views.
The property’s prime location—just six blocks from the beach and steps from Garnet Avenue’s vibrant mix of restaurants, bars, and retail—provides a 96 Walk Score and strong long-term rental demand. In addition to its appeal as a stabilized income-producing asset, The Surf House has demonstrated excellent short-term rental performance, further enhancing its versatility and value.
As one of the only turnkey multifamily assets in Pacific Beach offering nearly 5% actual returns with zero deferred maintenance, The Surf House stands out in today’s market. Moreover, the newly constructed nature of the property presents a compelling opportunity for accelerated depreciation, offering significant tax advantages to investors seeking both strong returns and efficient wealth-building potential.