4205 Noyes, San Diego, CA 92109

Description

WD Land is pleased to present the opportunity to acquire The Roxy, a fully renovated 16-unit
apartment community at 4205 Noyes Street in Pacific Beach. Set at the corner of Noyes
Street and Oliver Avenue, the property sits just north of the Kendall-Frost Mission Bay Marsh
Reserve, a short walk from the Mission Bay shoreline and a quick ride to the Pacific Beach
boardwalk, Garnet Avenue and the coast.
Originally built in 1959, the two-story building was taken down to the studs in a 2021 gut
renovation. Major building systems were replaced, including a new roof, new electrical and
plumbing upgrades, and every unit was rebuilt with new windows, gray shaker kitchens with
white countertops, blue subway-tile backsplashes and stainless appliances, new plank
flooring, ceiling fans and fully remodeled baths with new vanities, tubs and patterned tile.
The result is 16 turnkey junior one-bedroom homes averaging ±450 SF, with 15 off-street
parking spaces and a cozy coastal look carried outside through seafoam doors, iron railings
and lantern lighting.
At the offering price of $5,400,000 ($337,500 per unit), The Roxy offers the lowest price per
door of any multifamily property currently on the market in Pacific Beach. It trades at a
4.64% cap rate on in-place income and 5.54% at market rents, with a 13.21 GRM falling to
11.77 at market. That price per unit sits about 23% below the $436,935 average of nine recent
Pacific Beach sale comparables.
Current rents average $2,046 per unit against a $2,300 market rent and a $2,379 average
among nearby one-bedroom comparables, leaving room to grow income as units turn, with
RUBS and pet rent already in place. With capital work complete, The Roxy suits 1031
exchange buyers, private investors and long-term holders seeking a low-maintenance coastal
asset in one of San Diego’s most supply-constrained beach markets.