THE OPPORTUNITY

A True Value Add Opportunity

Berkadia, as exclusive advisor, is pleased to offer for sale the Loma Manor Apartments located in Point Loma, one of San Diego’s most desirable residential locations. Loma Manor is an 18-unit apartment community featuring a great mix of one-bedroom and two-bedroom units. Residents enjoy the property’s open interior courtyard, lush landscaping, and close proximity to several recreation and retail amenities. Loma Manor is located in the heart of the highly desirable Point Loma neighborhood near Shelter Island, the La Playa district and Liberty Station, as well as Interstates 5 and 8 linking the property to all of San Diego County.

INVESTMENT HIGHLIGHTS

VALUE ADD OPPORTUNITY

Loma Manor offers an investor the opportunity to take advantage of tremendous rental upside potential which can be achieved through implementing an interior renovation program on all 18 units. As of today, only two of the 18 units have been renovated. Recommended interior upgrades include new kitchen cabinets, quartz countertops, new stainless-steel appliances, new bathroom vanities, and plank vinyl flooring. Investors can also maximize ancillary income through the implementation of RUBS, pet rent, and parking income.

PRIME COASTAL LOCATION

Located in the seaside community of Point Loma, Loma Manor is a short distance from the San Diego Bay, Harbor Island, Shelter Island, Cabrillo National Monument, and Sunset Cliffs offering residents beautiful views and an abundance of recreational activities. Aside from its natural beauty, Point Loma has consistently produced some of the county’s most impressive demographic statistics. In 2018, average household income in the area was $100,116, the median home value is $784,000, and over 50% of the community’s residents hold a bachelor’s degree.

PROXIMITY TO RETAIL

Featuring a walkscore of 82, Loma Manor offers immediate access to an array of eateries such as, Starbucks, Better Buzz Coffee, Pizza Nova, Jimmy’s Famous Tavern, Mitch’s Seafood, Point Loma Seafoods, and Sushi Lounge. Surrounded by over 2.2 million square feet of existing retail, Loma Manor is also located less that one mile from what serves as the community’s town center, Liberty Station. With grocery stores, restaurants, retail centers, movie theatres, and malls all within minutes of the property, Loma Manor residents are guaranteed to have their retail needs covered.

HIGH VISIBILITY

Loma Manor offers high visibility due to its frontage along Rosecrans Street, Point Loma’s most significant thoroughfare lined with vast retail amenities. Additionally, the property’s immediate location at the intersection of Ingelow Street and Rosecrans Street provides excellent exposure with a traffic count of 34,131 average daily trips. The property’s ideal location gives investors the distinct advantage of saving thousands on marketing and advertising expenses.

THE ASSET

A True Value Add Opportunity

PROPERTY SUMMARY

ADDRESS

NUMBER OF UNITS

AVERAGE RESIDENTIAL UNIT SF

TOTAL RENTABLE SF

YEAR BUILT

TOTAL ACREAGE

PARKING

1518 Rosecrans Street, San Diego, CA 92106

18

600 SF

10,890 SF

1948

0.35 Acres

14 Total Spaces

UNIT MIX

Units

12

6

18

Unit / Type

1 BR / 1 BA

2 BR / 1 BA

Size

550

700

10,800

AMENITIES

UNIT FEATURES

  • Ceiling Fan
  • Vinyl Wood-Like Flooring (Renovated Units)
  • Mirrored Closet Doors (Renovated Units)
  • Individual Water Heaters
  • Individual Patios (Renovated Units)
  • New Cabinets with Quartz Countertops (Renovated Units)

COMMUNITY FEATURES

  • Nicely Landscaped Grounds
  • Secured Entry
  • Communal Barbecue
  • On-Site Laundry Room

LOCATION

Loma Manor is located in the coastal community of Point Loma

POINT LOMA

Loma Manor is located in Point Loma, one of San Diego’s most coveted seaside neighborhoods. This coastal community is situated just west of Downtown San Diego. Point Loma is home to Naval Base Point Loma, the renowned Point Loma Nazarene University, and the laidback beach town of Ocean Beach. The economy of Point Loma is supported by military facilities, neighborhood retail, and marine recreation. Loma Manor provides picturesque views of the Pacific Ocean and easy access to the world-famous Sunset Cliffs and beaches of Ocean Beach. Located two miles from Loma Manor has an eclectic variety of restaurants, breweries, coffee shops, boutiques, artist’s studios, and live entertainment in the charming peninsula town of Point Loma.

GALLERY

CONTACT

Experts here for you

Investment Advisors

tyler sinks

CA BRE #01910220

tyler.sinks@berkadia.com

858.257.4706

ed rosen

CA BRE #01010225

ed.rosen@berkadia.com

858.257.4715

john chu

CA BRE #00966982

john.chu@berkadia.com

858.257.4713

BERKADIA SAN DIEGO

4275 Executive Square, Suite 900

La Jolla, CA 92037

Phone: 858.683.7930

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

©2019 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx