Property Description
ACRE Investment Real Estate Services is pleased to present the opportunity to acquire Palms Apartments, a rare 12-unit community located in the highly desirable Bankers Hill / Hillcrest neighborhood of San Diego. Situated on a 9,109 square foot lot, Palms Apartments is comprised of three buildings—a duplex, fourplex, and six-plex—creating a charming courtyard-style setting with a thoughtfully landscaped lawn and expansive green common area.
Unit Mix: 1 Studio, 10 One-Bedroom/One-Bath, 1 Two-Bedroom/One-Bath
Buildings: Three separate structures (duplex, fourplex, sixplex)
Lot Size: 9,109 SF
Rentable Square Footage: Approximately 6,800 SF
Capital Improvements: Recent water lines have been repiped, and the electrical systems and panels have been updated. Select units also feature new individual water heaters, upgraded flooring, air conditioning, ranges, and refrigerators.
Income: The property income is supplemented by RUBS (Ratio Utility Billing System), allowing utility costs to be shared with tenants and enhancing overall net income.
Vacant Units: There are currently four vacant units at the property. Ownership has chosen to keep these apartments in rent-ready condition and unleased, providing immediate leasing upside and flexibility for the new owner.
Palms Apartments offers an exceptional value-add opportunity. While significant infrastructure work has been completed, most unit interiors remain in original or partially renovated condition. A new owner has the ability to modernize kitchens, baths, flooring, and fixtures to align with today’s renter expectations and capture meaningful rental upside. Renovated properties in the submarket command substantial premiums, positioning Palms Apartments for strong rent growth and long-term appreciation.
Palms Apartments offers investors a rare opportunity to acquire a stabilized, centrally located property in one of San Diego’s most sought-after neighborhoods, while unlocking immediate upside through interior renovations and rent repositioning.
