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    1468 1St Ave San Diego, CA 92101

    For Sale
    $4,290,000

    34-unit apartment building, high ROI.

    Property size:
    10,980 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    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

    Property Features for 1468 1St Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    10,980 SF

    Building Details

    Year Built
    1907
    Buildings
    1
    Units
    34

    HighLights

    • 34 SRO units, averaging 160 square feet.
    • Rare development opportunity in Downtown San Diego.
    • Significant upside potential with minimal capital improvements needed.
    • Eight units feature private bathrooms.
    • Prime San Diego location.
    • Motivated seller.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Brunswick Extended Stay Hotel

    Suggested Use

    Restaurant Realty agency Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Food Market Grocery Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.1642341
    Latitude
    32.7207577

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    FAQs

    What type of property is this?
    Multifamily property - 34-unit apartment building, high ROI.
    Where is this multifamily property located?
    The property is located at 1468 1St Ave San Diego, CA.
    What is the asking price?
    The asking price for this property is $4,290,000.
    What are key features of this property?
    This property features: 34 SRO units, averaging 160 square feet.; Rare development opportunity in Downtown San Diego.; Significant upside potential with minimal capital improvements needed.
    Request Owner's contact information
    1468 1St Ave San Diego, CA 92101
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1468 1St Ave San Diego, CA 92101
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