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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.