1468 1St Ave San Diego, CA 92101

This exceptional 34-unit apartment building, located at 1468 First Avenue in San Diego, CA 92101, presents a rare investment opportunity. The property, built in 1907, boasts 10,980 square feet on a 5,001 square foot lot. Currently operating as single-room occupancy (SRO) units, the building features 34 units, with eight units equipped with private bathrooms. All units have undergone extensive interior renovations, and the building has also benefited from exterior upgrades, creating significant upside potential for a new owner. Each floor includes shared kitchen, bathroom, and shower facilities. The property's prime downtown San Diego location offers considerable redevelopment potential for a savvy investor. The current asking price is $4,290,000, representing a price per unit of $126,176.47 and a price per square foot of $390.71. The current NOI is $233,145, yielding a 5.43% cap rate, while the pro-forma NOI is $345,285, projecting an 8.05% cap rate. The property's APN is 533-422-12-00. The seller is motivated and open to offers. The building's potential for conversion to short-term rentals (Airbnb) should be investigated, subject to obtaining necessary permits. Note that the property may have historic designation