106-138 Grape St - Apartments FOR SALE


San Diego, CA 92101
$9,600,000 USD
714-423-3819
106-138 Grape St, San Diego, CA for Sale
$9,600,000 USD
Apartments - FOR SALE
1/17
null | 3.95% Cap Rate

106-138 Grape St
San Diego, CA 92101


HIGHLIGHTS

  • 3.95% ProForma CAP Rate / Offering actual CAP Rate of 2.57%
  • First time to the market in 20+ years.
  • Excellent unit mix of a majority large one-bedroom units and 1 three-bedroom penthouse, currently leased per level to 3 separate tenants.
  • The property sits atop 2 APNs & as such does not require onsite management saving a potential investor thousands annually in operating expenses.
  • There are several notable developments in the San Diego area, particularly near Bankers Hill, and some linked to SDSU (San Diego State University).
  • Redevelopment Potential / Multifamily Options / Opportunities to utilize San Diego’s density bonus program to build larger projects.

OVERVIEW

Drive by only, please contact Le Investment Group for the full offering memorandum. Bankers Hill is a prime investment and redevelopment opportunity, driven by dynamic growth and high demand. With median home values at $1.2M (+10% YoY), median sale prices are (+12% YoY), and average rents of $3,432, the neighborhood boasts a strong real estate and rental market. Population and job growth in San Diego continue to fuel housing demand. Exciting developments include the Quince Apartments (262 units with luxury amenities) and 411 Ivy Street (nearly 200 new units). Medical growth, like UCSD Health's new clinic and a planned $40M health center with senior housing, enhances the area's appeal. Redevelopment options range from luxury condominiums and mixed-use projects to affordable housing leveraging density bonuses. With proximity to downtown, Balboa Park, and a growing medical district, Bankers Hill offers historic charm, modern living, and significant appreciation potential for investors. Situated at 106-138 W. Grape Street and 2002-2008 2nd Avenue in San Diego's desirable Bankers Hill neighborhood, this multifamily property offers a rare investment opportunity, hitting the market for the first time in over 20 years. The property features 19 units, including 18 spacious one-bedroom apartments and a three-bedroom penthouse with stunning panoramic views of downtown San Diego and the Bay. Bankers Hill is renowned for its blend of historic charm and modern conveniences, with proximity to Balboa Park, world-class dining, cultural attractions, and major employment hubs. This highly walkable neighborhood provides an urban living experience paired with serene residential appeal. The property spans two APNs, eliminating onsite management requirements and reducing operating expenses. With a pro forma CAP rate of 3.95% and significant upside in rental income, this property is an exceptional opportunity for investors seeking value in one of San Diego's most vibrant locations.

FOR SALE DETAILS

PRICE

$9,600,000 USD

PRICE/SF

$1,012 USD /SF

# OF UNITS

19

PRICE/UNIT

$505,263

CAP RATE

3.95%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Golden Bay Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1955

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

15,002 SF

ZONING

MR10, San Diego

APN/PARCEL ID

533-175-06,533-175-07

ASK ABOUT THIS PROPERTY

Anthony LeLe Investment GroupMore Info
714-423-3819

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Anthony LeLe Investment GroupMore Info
714-423-3819

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.