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Loma Manor Apartments 1518-1536 Rosecrans St 18 Unit Apartment Building $7,500,000 ($416,667/Unit) 3.38% Cap Rate San Diego, CA 92106
Investment Highlights
- Upgraded unit interiors (approx 1/3 of units), a 2014 roof replacement with new gutters, and many replaced water heaters.
- Most errands can be accomplished on foot. Across the street from Starbucks and one block from Ralph's Grocery.
- 1-mile from Liberty Station
- The unit interiors can be renovated to achieve significantly higher rents.
- Highly desirable neighborhood with average household income of $212,063 and median home value of $1.55 Million within 1-mile
- Well-maintained asset owned by the same family for generations
Executive Summary
Kidder Mathews is pleased to present the opportunity to acquire an 18-unit apartment community located in the coastal neighborhood of Point Loma. The property features one-bedroom and two-bedroom floor plans, an on-site laundry facility, and well-maintained, professionally landscaped grounds. Residents enjoy a highly walkable location near restaurants, grocery stores, coffee shops, and neighborhood amenities, and are less than one mile from Liberty Station, offering approximately 360,000 square feet of premier retail, dining, office, and entertainment space.
While the property has been well maintained, in-place rents remain below market. Current ownership has improved six of the 18 units. A new owner can significantly increase the current rents with a full interior and exterior renovation.
Located near the waterfront, the property has historically maintained strong occupancy and benefits from Point Loma's desirable coastal lifestyle, scenic bay views, nearby marinas, and major employment centers, including the U.S. Navy. Loma Manor Apartments offers a rare opportunity to acquire a well located coastal multifamily asset with meaningful value-add potential in one of San Diego's most desirable and supply-constrained submarkets.
While the property has been well maintained, in-place rents remain below market. Current ownership has improved six of the 18 units. A new owner can significantly increase the current rents with a full interior and exterior renovation.
Located near the waterfront, the property has historically maintained strong occupancy and benefits from Point Loma's desirable coastal lifestyle, scenic bay views, nearby marinas, and major employment centers, including the U.S. Navy. Loma Manor Apartments offers a rare opportunity to acquire a well located coastal multifamily asset with meaningful value-add potential in one of San Diego's most desirable and supply-constrained submarkets.
Property Facts
| Price | $7,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $416,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.35 AC |
| Cap Rate | 3.38% | Building Size | 10,890 SF |
| Gross Rent Multiplier | 16.6 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1948 |
| Property Type | Multifamily | Parking Ratio | 0.77/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | CC-4-2 & RM-3-7 - The property has a unique split-base zoning designation. Approximately two-thirds is zoned CC-4-2 and one-third is RM-3-7. | ||
| Price | $7,500,000 |
| Price Per Unit | $416,667 |
| Sale Type | Investment |
| Cap Rate | 3.38% |
| Gross Rent Multiplier | 16.6 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 10,890 SF |
| No. Stories | 2 |
| Year Built | 1948 |
| Parking Ratio | 0.77/1,000 SF |
| Zoning | CC-4-2 & RM-3-7 - The property has a unique split-base zoning designation. Approximately two-thirds is zoned CC-4-2 and one-third is RM-3-7. |
Amenities
Unit Amenities
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Wi-Fi
- Den
- Dining Room
- Family Room
- Freezer
- Vinyl Flooring
Site Amenities
- Courtyard
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $1,985 | 550 |
| 2+1 | 6 | $2,312 | 700 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 530-742-05 | Improvements Assessment | $1,032,655 |
| Land Assessment | $1,742,608 | Total Assessment | $2,775,263 |
Property Taxes
Parcel Number
530-742-05
Land Assessment
$1,742,608
Improvements Assessment
$1,032,655
Total Assessment
$2,775,263
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Loma Manor Apartments | 1518-1536 Rosecrans St
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