1505 Fern St 5 Unit Apartment Building $3,595,000 ($719,000/Unit) 5.98% Cap Rate San Diego, CA 92102

We are pleased to present 1505 Fern Street, 1505½ Fern Street, 3034 Beech Street, 3036 Beech Street, and 3038 Beech Street—a rare opportunity to acquire a fully furnished,
income-producing residential compound in the heart of San Diego’s highly desirable South Park neighborhood. Combining a restored historic residence, newly constructed ADUs completed in 2024, a transferable Mills Act designation, and a proven furnished rental platform, Fern Street offers a differentiated investment opportunity beyond traditional multifamily ownership.
The property consists of five thoughtfully designed residences, including one threebedroom / 2.5-bath unit, one two-bedroom / 2.5-bath unit, two one-bedroom / one-bath units, and one studio / one-bath unit. Three permitted ADUs were completed in 2024, including two newly constructed rear units and a newly created studio residence. All units are delivered fully furnished and currently support a successful blend of vacation rentals and furnished mid-term stays.
Rather than relying on a conventional apartment leasing model, Fern Street benefits from a flexible furnished rental strategy supported by strong historical operating performance. The property generated trailing twelve-month revenue of $296,225 and NOI of $193,651, while 2025 operations produced revenue of $285,558 and NOI of $191,431. This established operating history demonstrates the property’s ability to generate durable cash flow while preserving future ownership flexibility.
Originally constructed circa 1912, the front residence has been extensively restored while preserving its historic character, complemented by three newly completed ADUs that offer modern construction standards and minimal deferred maintenance. The property’s unique configuration supports multiple ownership pathways, including furnished rental operations, owner-user occupancy, or a hybrid investment approach.
Located just moments from Balboa Park and South Park’s vibrant collection of restaurants, cafés, boutiques, and neighborhood amenities, Fern Street offers investors a rare combination of proven income performance, furnished rental flexibility, transferable tax advantages, and an irreplaceable location within one of San Diego’s most sought-after urban neighborhoods.