1st Avenue Villas

2920 1st Avenue | San Diego | CA | 92103


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Confidentiality Agreement

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Property Highlights

    • Prime Location: Situated in the prestigious Bankers Hill neighborhood, offering proximity to downtown San Diego, Balboa Park, and Little Italy.
    • Value-Add Opportunity: Significant upside in rents with interior renovation
    • ADU Opportunity: 6 large garages for potential ADU conversion
    • Property Size: 8,876 SF multifamily building with 13 (originally 14) meticulously maintained units, built in 1965, zoned R-3.
    • Turnkey Investment: 100% occupancy, providing immediate cash flow.
    • Diverse Unit Mix: Includes four studios, five 1-bed/1-bath units, and three 2-bed/1-bath units—appealing to a wide range of tenants.
    • Luxurious Owner's Unit: Spacious 2-bed/2-bath residence with vaulted ceilings, custom wood cabinetry, a large terrace with stunning San Diego Bay views, and high-end finishes.
    • Outdoor Living: Three second floor units feature private patios or decks, enhancing tenant appeal.
    • Additional Revenue Streams: Six garages and onsite laundry facilities owned by the property.
    • Community-Oriented Design: Inviting common courtyard with patio furniture, pond, and lush landscaping, fostering a sense of community among residents.
    • Scenic Setting: Overlooking Maple Canyon, offering a serene, natural backdrop in an urban setting.
    • Strong Market Demand: Located in a high-demand rental market, with significant growth potential and enduring value for investors.
    • Stable Income: Ideal for investors seeking a stable, income-producing asset in a prime urban location.

Property Details

  • Price: $ 4,900,000
  • Price Per Unit: $ 376,923.08
  • Units: 13
  • Transaction Type: For Sale
  • Property Type: Multi-Family
  • Building Size: 8,876 SF
  • Lot Size: .21 AC
  • Cap Rate: 4.04%
  • Year Built: 1965
  • Availability: Active

Property Description

Presenting an Exceptional Investment Opportunity in Bankers Hill. Nestled in the heart of the prestigious Bankers Hill neighborhood, this 8,876 SF multifamily property, built in 1965 and zoned R-3, exemplifies a harmonious blend of timeless charm and modern-day convenience. Comprising 13 meticulously maintained units (originally 14 unit/owners unit comprised of two units) and boasting 100% occupancy, this property is a turnkey investment that stands out in today’s competitive market.

One of the standout features is the luxurious owner’s unit, a spacious two-bedroom, two-bathroom residence that truly sets this property apart. This unit showcases a grand terrace offering stunning views of the iconic San Diego Bay, with those breathtaking vistas extending to the living room and kitchen. Inside, the soaring wood beam vaulted ceiling creates an inviting and open atmosphere, enhanced by custom wood cabinetry and built-in bookshelves, adding both character and practical storage. The custom kitchen and bathrooms are designed with high-quality finishes, offering both style and functionality, while the central air ensures year-round comfort. Elegant window shutters complete the polished aesthetic of this unique living space.

The remaining units consist of four studios, each offering efficient, cozy living spaces, five one-bedroom, one-bath units, designed with comfortable layouts that appeal to a variety of renters, and three two-bedroom, one-bath units, ideal for those seeking extra space. Notably, four of the units offer private patios or decks, providing tenants with outdoor living spaces—an enviable feature in this desirable urban location. Additionally, the property boasts six garages and onsite laundry facilities, which are owned by the property, ensuring convenience for tenants and adding another revenue stream for the owner.

Located on a quiet street corner overlooking Maple Canyon, the property provides a serene and scenic setting, offering residents both urban convenience and natural beauty.

A key property feature is the common space courtyard, an inviting area that encourages community among tenants. This shared outdoor space includes patio furniture, a tranquil pond, and lush landscaping, creating an idyllic setting where residents can gather, sit, and relax.

Residents benefit from the prime location, with proximity to downtown San Diego, Balboa Park, and the vibrant Little Italy district, ensuring easy access to dining, entertainment, and cultural attractions.

This property is an ideal acquisition for investors seeking a stable, income-producing asset in a highly sought-after urban setting. Whether you’re looking to expand your portfolio with a multifamily property or capitalize on the growing demand for rental units in Bankers Hill, this opportunity presents strong growth potential and enduring value.

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Financial Summary

Investment Highlights

Price $4,900,000.00
Price / Unit $376,923.08
Gross Rent Multiplier 0.00
Proposed Loan Amount $0.00
Initial Investment $4,900,000.00

 

Income & Expenses

Income
Potential
Current

 

Expense
Potential
Current
Total Expenses
$ 0.00
$ 0.00
Net Operating Income $0.00 $0.00
Less Debt Service $0 $0
Potential Net Cash Flow $0.00 $0.00
Cash on Cash Return 0.00 % 0.00 %
Capitalization Rate 0.00 % 0.00 %

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires

Totals

$ 0.00

$ 0.00