The Surf House — Sale in San Diego, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: San Diego, CA 92109

Photos

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Investment Figures

Cap rate
5.08%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to exclusively offer The Surf House, a newly reimagined 10-unit apartment community located at 1478 Hornblend Street in San Diego’s Pacific Beach neighborhood. Designed for today’s coastal renter, the property combines modern apartment finishes, extensive building-system upgrades, and a highly walkable beachside setting within one of San Diego’s most supply-constrained rental markets. The asset was comprehensively rebuilt and delivered in June 2024 following a full permitted redevelopment through the City of San Diego. The renovation scope substantially modernized the property from both an operational and resident-experience standpoint, including upgraded electrical capacity, new plumbing, a centralized hot-water system, fire sprinklers, foundation improvements, roofing, windows, exterior finishes, gutters, and architectural steel staircases. Inside the residences, The Surf House offers a polished coastal living environment with contemporary finishes and practical in-unit amenities. Units feature quartz countertops, custom-style cabinetry, designer tile accents, stainless-steel appliances, luxury vinyl plank flooring, in-unit laundry, individual split-system HVAC, and dedicated outdoor areas, including patios or rooftop decks. Select homes further benefit from scenic ocean and bay views, adding to the property’s lifestyle appeal. Located just six blocks from the beach and within immediate reach of Garnet Avenue’s restaurants, shops, cafés, and nightlife, the property is well positioned to attract renters seeking both convenience and coastal access. With limited new multifamily inventory in Pacific Beach and strong demand for renovated, amenity-rich housing, The Surf House provides investors with a turnkey coastal asset supported by durable renter demand and long-term ownership fundamentals. Investment Highlights: • Newly Rebuilt 2024 Asset: Comprehensive permitted redevelopment completed in June 2024. • Turnkey Coastal Investment: Mode

Market Context

This multifamily in San Diego, CA is listed for sale. It is offered at an approximate 5.1% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in San Diego, CA — view the full market.

As of Q4 2025, the San Diego multifamily market showed a 5.4% vacancy rate, average asking rents near $2456.00/unit/mo, and cap rates around 4.6%. Source: multiple brokerage reports, Q4 2025.

Its 5.1% asking cap rate is above the San Diego multifamily market average of about 4.6%, implying a higher yield (and typically more risk or upside) than comparable assets. Tight vacancy keeps competition for quality space elevated.

Multifamily market FAQ

What is the typical cap rate for multifamily in San Diego?
About 4.6% as of Q4 2025, per multiple brokerage reports.
Is the San Diego multifamily market tightening or softening?
Vacancy is around 5.4% (Q4 2025).

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