Cottages on S 32nd 1027 S 32nd St 3 Unit Apartment Building $1,270,500 ($423,500/Unit) 4.78% Cap Rate San Diego, CA 92113

1027–39 S 32nd Street presents the opportunity to acquire three detached, extensively remodeled cottages in San Diego’s 92113 submarket, together with finalized plans and permits for four additional units. The existing cottage configuration offers residents greater privacy, separation, laundry hookups and a more residential living experience than a traditional apartment property.
The units also provide near-term income upside, with comparable remodeled and newly constructed two-bedroom residences in the surrounding market achieving higher rents. The approved expansion would increase the property from three to seven total units. With the design, City coordination, and permitting process already completed, the next owner can move forward without starting the entitlement process from the beginning. The offering combines current income, rental upside, and a permit-ready development opportunity, making it well suited for both long-term multifamily investors and developers