Clairemont Garden-Style Apartment
5005 Diane Ave, San Diego, CA 92117
For Sale
Contact for pricing
Pending
Well-maintained 27-unit apartment community with significant rental upside.
Property Size26,175 SF
Days on Market275
Property Features for 5005 Diane Ave
General Information
Standard status
Size
Property subtype
Investment Type
Site & Location
Neighborhood
Building Details
Year Built
Buildings
Stories
Units
Listing Agency:
CBRE - San Diego
Listed By:
Nate Pepper · License CA #01993739
(858) 248-1222
Source:
Crexi
Added: Feb 13
Changed: Nov 11
Last Checked: Nov 14 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 CBRE - San Diego
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Royal Diane Apartments is a 27-unit garden-style apartment community located in the Clairemont submarket. The property offers investors the opportunity to acquire a strategically located asset with significant upside near major retail centers and employment hubs in San Diego. The property consists of eight 1 Bed / 1 Bath units (650 SF) and nineteen 2 Bed / 2 Bath units (1,100 SF). Community amenities include secure gated access, on-site parking with 27 spaces, and on-site laundry. The floor plans feature large bedrooms, dedicated dining areas, large storage closets, storage nooks, and private balconies or patios. There is significant rental upside by completing further interior renovations. Most units have already received various interior upgrades including new LVP flooring, refreshed kitchen cabinets, and new appliances. Current ownership has recently completed significant capex projects including a new roof in 2024, updated electrical panels (main panel & individual interior panels), and new exterior paint. The building also recently passed SB 721 inspections. The property is located directly across the street from a major retail center and is also near numerous other grocery stores, restaurants, and shopping destinations. Residents enjoy easy access to both the I-805 and the 52 Freeways and are within a 10-15 minute drive of La Jolla beaches and San Diego’s most notable employment hubs such as University City, Kearny Mesa, Mission Valley, and downtown, ideally positioning the property to benefit from future nearby job growth.
Key Highlights
- Significant rental upside potential through further interior renovations.
- Strategically located in the rarely available Clairemont submarket, near major retail centers and employment hubs.
- Recent significant capital improvements, including a new roof (2024), updated electrical panels, and new exterior paint.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$432,622
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,652,440
$8.7M
Cap Rate 7%
$6,180,314
$6.2M
Cap Rate 9%
$4,806,911
$4.8M
Market Conditions
NOI Build-Up for 26,175 SF
Gross rent
$832.4K $31.80/SF
− Vacancy
−$45.8K −$1.75/SF
EGI
$786.6K $30.05/SF
− OpEx
−$354.0K −$13.52/SF
NOI
$432.6K $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%
$8,652,440
Cap Rate 7%
$6,180,314
Cap Rate 9%
$4,806,911
Alternative Uses
Best Use
Apartment 5plus
$6.18M
$5.41M – $7.21M
NOI $432,622 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.34M
$9.05M – $12.06M
NOI $723,686 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Explore this area
Business Placement
Demographics for 92117, CA
51,505
Population
21,706
Households
2.4
Avg Household Size
40
Median Age
51%
College-Educated
91%
High-School Grad
8.7 sq mi
ZIP Area
5,920
Density / Sq Mi
$105,286
Median Household Income
$58,135
Median Earnings
$2,115
Median Rent
$914,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in San Diego, CA
Properties on Market for Apartment buildings in San Diego
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 27-unit apartment community with significant rental upside.
Where is this apartment building located?
The property is located at 5005 Diane Ave San Diego, CA.
What is the asking price?
The asking price for this property is $8,400,000.
What are key features of this property?
This property features: Significant rental upside potential through further interior renovations.; Strategically located in the rarely available Clairemont submarket, near major retail centers and employment hubs.; Recent significant capital improvements, including a **new roof (2024), updated electrical panels, and new exterior paint.**
