Mike Ebrahimi, a 30-year-old entrepreneur and San Diegan, claims that he may change the look of the Pacific Beach region of San Diego by completely revamping his 40-unit apartment building. The building, which was built in 1958, is located on the corner of Grand and Olney, a major intersection in the largely populated beach community.
Although the building is currently on the market for $7.65 million, the young investor sees the opportunity in keeping the apartment it for years to come. “San Diego is a rapidly growing community with no raw land left, especially in areas like PB – it may be worthwhile to revamp the building and offer high end residential living,” states Ebrahimi.
Ebrahimi claims that if he were to take this path, he would spend upwards of $3.5 million in improvements, including travertine floors, granite countertops, and plasma televisions built into every master bathroom. “It’s a lot of money to spend, especially in this economic climate, but I strongly feel that this particular part of Pacific Beach is upgrading as a whole. All around my building, other building owners have made radical improvements to their properties—of course, no one in PB has done what I would do.”
His plans for external improvements include Greek-style columns, tropical landscaping, and two swimming pools with multiple waterfalls. With a rock solid team, including agents from Marcus and Millichap, architects from Beverly Hills, and a team of attorneys from Seltzer Caplan McMahon Vitek, Ebrahimi is well-positioned and fully capable of an undertaking of this magnitude.
Ebrahimi claims that he will make his decision as to the future of the structure by the second half of the year. Until then, he plans on maintaining status quo, and keeping the 40-unit property on the market.
Source: Natalie Spencer
Contact: Natalie@mercurybegroup.com
Idea Labz
3255 Saco Street, Vernon, CA 90058
Phone: 310-461-1964
Website: http://www.idealabz.com
