Property Detail

Description

New reduced price! We are pleased to present Thomson Five, a newly constructed, fully stabilized 5-unit multifamily asset centrally located in Linda Vista. Completed in 2024 and delivered fully leased, the Property offers brand-new construction with high-end finishes, a premium large-format unit mix, and immediate income with current gross rents of $16,075/month ($192,900 annualized). The Property consists of five residences: two 3-bedroom/3-bathroom townhome-style units at 1,200 SF with private balconies featuring sweeping canyon and ocean views, two 2-bedroom/1-bathroom units at 750 SF, and one detached private studio at 254 SF. All residences feature quartz waterfall countertops, stainless steel appliances, in-unit washer/dryer, split-system HVAC, and private outdoor space. As a newly constructed asset, the Property is exempt from AB 1482 rent control provisions for 15 years from completion, providing exceptional flexibility for future rent growth. Current gross income totals $16,075/month ($192,900 annualized), pro forma of $16,600/month ($200,400 annualized) at market rents. The Property is offered at $2,450,000 ($490k/unit), representing a 5.53% current cap rate (5.82% pro forma), based on current NOI of $135,491. Contact listing broker for OM and financials.