We are pleased to present 942-56 Felspar Street, an 8-unit, single story community in Pacific Beach, California. (APN 415-602-11-00 and 415-602-12-00). The property is comprised of 2 four-unit complexes on separate and contiguous parcels totaling 0.29 acres. The unit mix includes 6 one-bedroom / one-bathroom, and 2 two-bedroom /one-bathroom units. Features include a large common area courtyard, excellent parking with 8 single-car garages, pitched roofs, and an irreplaceable coastal location just two blocks from the Pacific Ocean. Pacific Beach is bounded by La Jolla to the north, and downtown San Diego, the largest employment center in the region, is only a 15-minute drive south. The community is comprised of mostly high-end single-family homes, condo residences, and luxury apartments that are among the most highly valued multi-family coastal properties in San Diego, along with Coronado, La Jolla, and Del Mar. Owners tend to hold onto investments in this prized location, and as a result, multi-family properties are seldom seen on market. Millennials, roughly ages 23 to 38, make up 39.7 percent of San Diego County’s workforce, and the highly sought-after Mission and Pacific Beach communities are a magnet for millennials. Over 91% of the Mission and Pacific Beach residents are white collar workers, and 71% rent their homes. The population is gradually becoming older and more affluent with rising property and rental costs; however, it remains a favorite spot for all ages to frequent a great variety of bars, eateries, and shops, some just steps from the sand.
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