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WD Land is pleased to present the opportunity to acquire The Roxy, a fully renovated 16-unit apartment community at 4205 Noyes Street in Pacific Beach. Set at the corner of Noyes Street and Oliver Avenue, the property sits just north of the Kendall-Frost Mission Bay Marsh Reserve, a short walk from the Mission Bay shoreline and a quick ride to the Pacific Beach boardwalk, Garnet Avenue and the coast. Originally built in 1959, the two-story building was taken down to the studs in a 2021 gut renovation. Major building systems were replaced, including a new roof, new electrical and plumbing upgrades, and every unit was rebuilt with new windows, gray shaker kitchens with white countertops, blue subway-tile backsplashes and stainless appliances, new plank flooring, ceiling fans and fully remodeled baths with new vanities, tubs and patterned tile. The result is 16 turnkey junior one-bedroom homes averaging ±450 SF, with 15 off-street parking spaces and a cozy coastal look carried outside through seafoam doors, iron railings and lantern lighting. At the offering price of $5,400,000 ($337,500 per unit), The Roxy offers the lowest price per door of any multifamily property currently on the market in Pacific Beach. It trades at a 4.64% cap rate on in-place income and 5.54% at market rents, with a 13.21 GRM falling to 11.77 at market. That price per unit sits about 23% below the $436,935 average of nine recent Pacific Beach sale comparables. Current rents average $2,046 per unit against a $2,300 market rent and a $2,379 average among nearby one-bedroom comparables, leaving room to grow income as units turn, with RUBS and pet rent already in place. With capital work complete, The Roxy suits 1031 exchange buyers, private investors and long-term holders seeking a low-maintenance coastal asset in one of San Diego's most supply-constrained beach markets.
Property Type(s):
Residential Income
| Last Updated | 10/12/2026 | Tract | Mission Beach |
|---|---|---|---|
| Year Built | 1959 | Community | 92109 - Pacific Beach |
| County | San Diego |
Additional Details
| AIR | None |
|---|---|
| AREA | 92109 - Pacific Beach |
| HEAT | Wall Furnace |
| LOT | 6251 sq ft |
| LOT DIMENSIONS | 6251 |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| SUBDIVISION | Mission Beach |
Location
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Listed with Salvatore Joseph Provenza Jr
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
This IDX solution is (c) Diverse Solutions 2026.
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