Wilson Apartments 1561-1575 9th Ave 13 Unit Apartment Building $7,125,000 ($548,077/Unit) 1.92% Cap Rate San Diego, CA 92101

The Wilson Apartments represent a rare opportunity to acquire a prime development site in San Diego’s historic Cortez Hill District, one of Downtown’s most desirable residential neighborhoods. The offering consists of two parcels totaling 15,000 square feet at the top of Cortez Hill, located at 1560–1572 10th Avenue and 1561–1575 9th Avenue, San Diego, CA 92101.
The existing improvements include five multifamily buildings constructed circa 1930, comprising 13 rental units with a total rentable square footage of 7,738. There are nine units across two apartment buildings on 9th Avenue (ten 1BR/1BA, one 2BR/1BA, and two studios/1BA), along with four units within three cottages along 10th Avenue, including one duplex cottage. The property also includes 12 parking spaces, with nine open stalls and three garages. These character-rich buildings generate immediate rental income and provide investors with flexibility — either to enhance the existing apartments as a value-add opportunity or to hold as a true covered land play while entitling and planning for future redevelopment.
The property’s location at the top of Cortez Hill offers a rare elevated infill site with views and neighborhood character, while also being just blocks from Downtown’s Central Business District, San Diego’s major employment hub. It provides easy regional access via Interstate 5, State Route 163, and State Route 94, and is within walking distance to Balboa Park and the San Diego Zoo.
The property is zoned CCPD-R, which permits multifamily residential uses with a maximum FAR of 8.0. It is also located within the Complete Communities District, where FAR limits are effectively waived, further enhancing redevelopment potential. Recent trends in Uptown and Downtown San Diego have seen the razing of older improvements for high-rise apartment projects, reflecting strong demand for infill sites in this submarket. With 15,000 square feet of land across two contiguous parcels, the property is well-positioned for a large-scale multifamily project, taking advantage of the area’s high-density entitlements and robust demand for housing.
The Wilson Apartments offers investors and developers an unparalleled opportunity to control a premier site in one of San Diego’s most dynamic and historic neighborhoods. With strong in-place income, exceptional zoning flexibility, and clear demand drivers, this property represents a generational development opportunity at the intersection of history, location, and growth.