870 Diamond, San Diego, CA 92109

Property Description

Pleased to offer for sale, for the first time ever since its construction, 870 Diamond Street, a 22 unit apartment property located just 2 blocks from the beach in desirable Pacific Beach, within its coveted northwest quadrant. Attractive Seller Financing is offered with this sale. Built in 1972, held and meticulously maintained by the same family as its original architect and developer (Henry F. Bugenhagen) for over fifty years since, this is a very rare opportunity. The unit mix consists of: 13 x 1Br/1Ba units; 3 x 1Br/1.5Ba units; and 6 x 2Br/2Ba units, each with its own generously sized private patio or balcony, some with peek ocean views. There are twenty two (22) off-street parking spaces, six of which are covered. Many units have been updated with vinyl plank flooring in kitchens and bathrooms, newer cabinetry, quartz countertops, and newer white appliances (incl. dishwasher). The building is serviced by a central elevator, two stairwells, and there are multiple controlled access ground floor entry points. Each floor (3) has its own laundry room with owned equipment. Interior hallways have a fire monitoring system and fresh air duct system. Electricity for the building is separately metered, while gas is on a master meter that powers the central recirculating boiler and hot water tank. Building upgrades over the past 12 years include: 'low E' glass, dual-pane vinyl windows and sliders throughout (2024); newer stairway landings, concrete steps and railings; resurfaced stucco and exterior paint; full elevator upgrade with new elevator equipment; new central boiler (2024); newer exterior common area lights; and installation of perimeter drought tolerant landscaping. The property benefits from much higher density than what current zoning would allow to be permitted today, by virtue of its previously conforming use, prior to the immediate area being down-zoned in the 1980s. Currently zoned RM-1-1, only 4 dwelling units would be permittable by right at this site presently.