12 on Bay Park 1315 Morena Blvd 12 Unit Apartment Building $3,399,000 ($283,250/Unit) 4.99% Cap Rate San Diego, CA 92110

Introducing a fully reimagined 12-unit apartment community in the heart of Bay Park — one of San Diego’s most walkable, lifestyle-driven coastal neighborhoods. Just blocks from Mission Bay and surrounded by beloved local dining and gathering spots, this property offers residents an authentic Bay Park lifestyle with exceptional everyday convenience.
The community consists of 3 studios, 8 one-bedroom/one-bath units, and 1 two-bedroom/two-bath unit, all thoughtfully modernized as part of a comprehensive, city-permitted down-to-the-studs renovation. Capital improvements include a new fire sprinkler system, all-new plumbing and electrical systems, new drywall and insulation throughout, secured gated access, and off-street parking — delivering new-construction quality within an established coastal neighborhood setting.
Each residence features modern finishes and upgraded interiors, creating strong tenant appeal and a high-quality, low-maintenance investment with stabilized rental income already in place.
Location is a defining feature. Situated in the vibrant core of Bay Park, residents can walk to neighborhood favorites including Cordova (next door), Sardina’s Italian, Sidecar (directly across the street), Luce, Bay Park Fish Company, Seisel’s Meat Market, and Tio Leo’s. The property is minutes from the Tecolote Trolley Station, major bus routes, Interstate 5, University of San Diego, Old Town, Fashion Valley, San Diego International Airport, Mission Bay, Fiesta Island, and Tecolote Park, placing recreation, employment centers, and transportation hubs within easy reach.
Beyond its immediate lifestyle appeal, the property sits within the trajectory of the proposed Morena Corridor Project, an area already benefiting from infrastructure investment, enhanced connectivity, and growing housing demand — positioning the asset for continued long-term upside.
1315 Morena Blvd presents a rare opportunity to acquire a stabilized, turnkey apartment community in one of coastal San Diego’s most desirable and evolving submarkets.