18-Unit Cottage-Style Apartment
New
For Sale
$5,250,000
2802 Sixth Ave, San Diego, CA 92103
A low-density residential layout combines studio and one-bedroom homes near Balboa Park.
Property Size10,992 SF
Days on Market3
Property Features for 2802 Sixth Ave
General Information
Standard status
Active
Size
10,992 SF
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
6 x studio, 12 x 1BR/1BA
Multifamily Units
18
Amenities
18-unit multifamily community located on adjacent parcels overlooking Balboa Park
Cottage-style layout offering a unique residential atmosphere rarely found in urban multifamily investments
Character-rich asset offering significant differentiation from the market's recently developed luxury and ultra-luxury apartment communities
Attractive value-add opportunity through interior modernization and operational enhancements
Exceptional neighborhood walkability with immediate access to restaurants, cafés, retail, and entertainment
Potential Mills Act eligibility and associated property tax advantages (Buyer to Verify)
Convenient access to Downtown San Diego, Mission Valley, Interstate 5, and CA-163
Building Details
Building Size
10,992 SF
Units
18
Construction
cottage-style
Listed By:
Chris Zorbas · License #License(s): CA: 01301418
(858) 373-3166
Source:
Marcusmillichap
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 15 at 2:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Chris Zorbas
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 18-unit apartment property spans two corner parcels and is arranged in a cottage-style residential configuration. The unit mix includes six studios averaging approximately 490 square feet and twelve one-bedroom, one-bathroom apartments averaging approximately 671 square feet.
The property sits directly across from Balboa Park, with Bankers Hill and Hillcrest dining and entertainment areas, as well as Downtown San Diego, within walking distance.
The property sits directly across from Balboa Park, with Bankers Hill and Hillcrest dining and entertainment areas, as well as Downtown San Diego, within walking distance.
Key Highlights
- 18 apartments across two corner parcels
- Six studios averaging approximately 490 square feet each
- Twelve one‑bedroom, one‑bathroom units averaging approximately 671 square feet each
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$181,676
Cap Rate
3.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,633,520
$3.6M
Cap Rate 7%
$2,595,371
$2.6M
Cap Rate 9%
$2,018,622
$2.0M
Market Conditions
NOI Build-Up for 10,992 SF
Gross rent
$349.5K $31.80/SF
− Vacancy
−$19.2K −$1.75/SF
EGI
$330.3K $30.05/SF
− OpEx
−$148.6K −$13.52/SF
NOI
$181.7K $16.53/SF
Area
San Diego, CA
Vacancy
5.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,633,520
Cap Rate 7%
$2,595,371
Cap Rate 9%
$2,018,622
Alternative Uses
Best Use
Apartment 5plus
$2.60M
$2.27M – $3.03M
NOI $181,676 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.34M
$3.80M – $5.07M
NOI $303,907 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
3,752
Businesses Nearby
Explore this area
Business Placement
Demographics for 92103, CA
33,311
Population
21,363
Households
1.6
Avg Household Size
42
Median Age
63%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,003
Density / Sq Mi
$96,887
Median Household Income
$69,732
Median Earnings
$2,020
Median Rent
$986,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - A low-density residential layout combines studio and one-bedroom homes near Balboa Park.
Where is this apartment building located?
The property is located at 2802 Sixth Ave San Diego, CA.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: 18 apartments across two corner parcels; Six studios averaging approximately 490 square feet each; Twelve one‑bedroom, one‑bathroom units averaging approximately 671 square feet each
