2920 1st Ave - Apartments FOR SALE


San Diego, CA 92103
$4,900,000 USD
760-230-8015
2920 1st Ave, San Diego, CA for Sale
$4,900,000 USD
Apartments - FOR SALE
1/25
null | 4.04% Cap Rate

2920 1st Ave
San Diego, CA 92103


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
  • 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 view
  • Turnkey Investment: 100% occupancy, providing immediate cash flow

OVERVIEW

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 comprises 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.

FOR SALE DETAILS

PRICE

$4,900,000 USD

PRICE/SF

$552 USD /SF

# OF UNITS

13

PRICE/UNIT

$376,923

CAP RATE

4.04%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

1st Avenue Villas

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1965

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.21 AC

LAND SF

9,148 SF

ZONING

R-3

APN/PARCEL ID

452-651-08

ASK ABOUT THIS PROPERTY

Bill AndersonACRE Investment Real Estate ServicesMore Info
760-230-8015

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Bill AndersonACRE Investment Real Estate ServicesMore Info
760-230-8015

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