1042-1052 Adella Ave 6 Unit Apartment Building $4,700,000 ($783,333/Unit) 2% Cap Rate Coronado, CA 92118

This rare investment opportunity is ideally positioned in one of Coronado’s most sought-after neighborhoods. Originally constructed in 1909 and later converted into six apartment units, the property comprises one studio and five one-bedroom units across two stories. With its historic vernacular architecture and designation as a Tier 1 Historic property, owners may qualify for Mills Act tax benefits, offering significant operating cost advantages through lower property taxes.
Occupying a 0.14-acre parcel, the building retains many period details complemented by updated kitchens and baths in select units, along with community amenities such as on-site laundry and bike storage. There is upside potential through further modernization of interiors or by restoring the property to its original grand single-family residence just steps from Coronado’s beaches, shops, and iconic Hotel del Coronado. Located within walking distance of parks, golf, and the bay, this property offers both steady income and long-term appreciation within a highly stable rental market.