950 Ninth Ave San Diego, CA 92101

Property Details for 950 Ninth Ave

Year built

1912

Property size

37,593 SF

Property type

Apartment buildings

Description

The Carnegie Apartments, a 61-unit apartment building in San Diego's vibrant East Village, presents a compelling value-add investment opportunity. Built in 1912, this five-story, 37,593 square foot building sits on a 10,039 square foot lot and features classic Italian Renaissance architecture. The property boasts a strong location, just blocks from the Gaslamp Quarter and Petco Park, offering easy access to downtown amenities, including Little Italy and the Marina District. Currently featuring 48 studios and 13 one-bedroom units across 18 diverse floor plans, the apartments include desirable features such as large windows, hardwood floors, and vintage tile countertops. Common area amenities include a gym, bike storage, digital pay laundry facilities, a rooftop garden, picnic areas, and central reading/workspaces. Enhanced security features include a fire sprinkler system, security cameras, secure access, and Google Fiber connectivity. The building's historical significance allows for substantial Mills Act property tax savings, potentially reducing taxes by over 70%. With a current NOI of $727,040 and a pro-forma NOI of $1,166,807, this property offers a 4.85% cap rate and a pro-forma cap rate of 7.78%. Significant upside potential exists through a 40% rent increase following renovations, promising double-digit returns for the new owner. The asking price is $15,000,000, or approximately $245,902 per unit. This is a rare opportunity to acquire a core-located, middle-market value-add asset in a market dominated by luxury rentals and high HOA condominiums.

Location Insight

City

San Diego

County

San Diego

State

California

Longitude

-117.157

Latitude

32.7154