Corner Apartment Building with Underground
635-41 C St San Diego, CA 92101
635-41 C St, San Diego, CA, 92101
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For Sale
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Corner downtown apartment building with 45 underground parking spaces and 36 residential units.
Property Size50,000 SF
Price / SF$235
Days on Market97
Property Features for 635-41 C St
General Information
- Standard status
- Active
- Size
- 50,000 SF
- Property subtype
- Retail, Multifamily, Mixed Use
Building Details
- Year Built
- 1920
Listing agency
Urban Property Group, Inc.
(858) 874-1989
Listed by
Bill Shrader · License #CA 01033317
Source
Crexi
Added: Apr 16 Updated: Jul 20 at 5:51PM Checked: Jul 20 at 5:51PM
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 Urban Property Group, Inc.
Investment Insights
Based on property information with market context.
Centrally located Downtown, this corner apartment building offers 36 residential units with 45 underground parking spaces. The property is described as having historically high occupancy, with vacancies filling quickly. According to the provided information, 27 of the 36 units are subject to an income restriction up to 120% of median income on household size, and all leases are below market.
The building is located at 7th & C on the San Diego Trolley line, with the remarks citing over 30M annual passengers. The information also notes it is within walking distance of Gaslamp, Campus at Horton, City Offices, City College, and the new UCSD Downtown Campus.
As presented, this is a multifamily asset in the Downtown core with repositioning opportunity tied to lease position and the noted below-market terms.
The building is located at 7th & C on the San Diego Trolley line, with the remarks citing over 30M annual passengers. The information also notes it is within walking distance of Gaslamp, Campus at Horton, City Offices, City College, and the new UCSD Downtown Campus.
As presented, this is a multifamily asset in the Downtown core with repositioning opportunity tied to lease position and the noted below-market terms.
Key Highlights
- Corner downtown apartment building built in 1920 on 7th & C
- 36 residential units with 27 units subject to an income restriction up to 120% of median income
- On‑site parking includes 45 underground parking spaces
Local 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 | $1.59M | $31.80 |
| − Vacancy | −$87.5k | −$1.75 |
| EGI | $1.50M | $30.05 |
| − OpEx | −$676.1k | −$13.52 |
| NOI | $826.4k | $16.53 |
50,000 SF · lease $31.80/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Retail
$17.24M
$15.09M – $20.12M
NOI $1,206,954 @ 7.0% cap · market cap 10.27%
Second Best
Apartment 5plus
$11.81M
$10.33M – $13.77M
NOI $826,403 @ 7.0% cap · market cap 7.03%
Theoretical Best
Specialty Retail
$19.75M
$17.28M – $23.04M
NOI $1,382,400 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Corner downtown apartment building with 45 underground parking spaces and 36 residential units.
Where is this apartment building located?
The property is located at 635-41 C St San Diego, CA.
What is the asking price?
The asking price for this property is $11,750,000.
What are key features of this property?
This property features: Corner downtown apartment building built in 1920 on 7th & C; 36 residential units with 27 units subject to an income restriction up to 120% of median income; On‑site parking includes 45 underground parking spaces
