A hospitality asset with potential for multifamily conversion has hit the market in San Diego’s neighborhood of Ocean Beach. According to the marketing brochure by Commercial Asset Advisors, which has the listing, the 23-unit property known as The Ebb Tide spans a total of 9,204 square feet on an oceanfront lot of around 0.35 acres located at 5074-5082 W Point Loma Blvd. The offering price is listed at $8.75 million, or approximately $380,000 per unit.
The property is marketed by the Commercial Asset Advisors team consisting of Brian Jenkins and Mike Conger. The property’s owner is an entity that shares an address with American A-One Investment Co.
The marketing brochure shows The Ebb Tide was built in 1952 and has been operating as a motel. The 23 units are spread across two buildings, with an on-site laundry and a total of 27 parking stalls available. The property has been recently refreshed with new sealcoat, exterior painting and full electrical replacement completed in the summer of 2024. The East building has been converted over time to include a mix of unit types ranging from studios to two-bedroom units, some of which do not include kitchens. The West building consists of 14 studios and one one bed/one bath apartment, all with kitchens.
This unit configuration presents potential opportunities for both long-term rentals and short-term stays, supported by the property’s existing Commercial Hospitality License and TOT (Transient Occupancy Tax) license, which enable it to be used for platforms like Airbnb and VRBO. The current occupancy rate is around 80 percent with the pro-forma cap rate on short term rentals at 8.45 percent, while the pro-forma cap rate stands at just over five percent for long term rentals, states the marketing brochure.
The Ebb Tide is located steps away from the heart of Ocean Beach with many cafes and restaurants, as well as the beaches, sports fields and parks that surround the area. The location also has easy access to US Interstate Highways 8 and 5 and the local attractions of Mission Beach and SeaWorld. The Commercial Asset Advisors team believes this to be an opportunity that allows investors to capitalize on the rarely traded location in Ocean Beach, with its proximity to the coastline, potential for adaptive reuse and future income potential.
