Historic Multifamily Apartment
509 Park Boulevard San Diego, CA 92101
For Sale
$17,850,000
71-unit, approximately 32,750-square-foot apartment building featuring studio layouts with private kitchens and bathrooms.
Property Size32,750 SF
Price / SF$545.04
Days on Market146
Property Features for 509 Park Boulevard
General Information
- Standard status
- Active
- Size
- 32,750 SF
- Property subtype
- Multi Family Home
Listing Agency:
David Santistevan
(619) 565-0179
Listed By:
Corey McHenry
(619) 565-0179
Source:
Americangrouponline
Added: Mar 1
Changed: Jul 22
Last Checked: Jul 20 at 10:07PM
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 David Santistevan
Investment Insights
Based on property information with market context.
509 Park is a 71-unit, approximately 32,750-square-foot multifamily apartment building in Downtown San Diego’s East Village. The property was originally constructed in 1869 as the Bay View Hotel and has been renovated to preserve its historic character. Units are described as spacious studios with private kitchens and private bathrooms.
The building has undergone a comprehensive renovation described as occurring from 2023 to 2025, adding modern amenities while maintaining the building’s historic appeal. The location is positioned steps from Petco Park and the San Diego Convention Center, placing it within the East Village area noted for cultural events, festivals, and art exhibitions.
The offering combines a landmark-style residence with updated functionality, with the studio configuration and private in-unit facilities highlighted in the property description.
The building has undergone a comprehensive renovation described as occurring from 2023 to 2025, adding modern amenities while maintaining the building’s historic appeal. The location is positioned steps from Petco Park and the San Diego Convention Center, placing it within the East Village area noted for cultural events, festivals, and art exhibitions.
The offering combines a landmark-style residence with updated functionality, with the studio configuration and private in-unit facilities highlighted in the property description.
Key Highlights
- 71‑unit multifamily building with approx. 32,750 SF in Downtown San Diego’s East Village
- Spacious studio apartments with private kitchens and bathrooms
- Historic building originally constructed in 1869 as the Bay View Hotel
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.04M | $31.80 |
| − Vacancy | −$57.3k | −$1.75 |
| EGI | $984.2k | $30.05 |
| − OpEx | −$442.9k | −$13.52 |
| NOI | $541.3k | $16.53 |
32,750 SF · lease $31.80/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$7.73M
$6.77M – $9.02M
NOI $541,294 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.94M
$11.32M – $15.09M
NOI $905,472 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Lend Lease
Construction Company
Palms Hotel
Hotel & Motel
FAQs
What type of property is this?
Apartment building - 71-unit, approximately 32,750-square-foot apartment building featuring studio layouts with private kitchens and bathrooms.
Where is this apartment building located?
The property is located at 509 Park Boulevard San Diego, CA.
What is the asking price?
The asking price for this property is $17,850,000.
What are key features of this property?
This property features: 71‑unit multifamily building with approx. 32,750 SF in Downtown San Diego’s East Village; Spacious studio apartments with private kitchens and bathrooms; Historic building originally constructed in 1869 as the Bay View Hotel
