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1644 Grove St 6 Unit Apartment Building $2,900,000 ($483,333/Unit) 5.06% Cap Rate San Diego, CA 92102
Investment Highlights
- Completely renovated 6-unit building, featuring new kitchens, bathrooms, appliances, lighting, flooring, mini-splits, and in-unit laundry
- Prime South Park location near Balboa Park, restaurants, boutique retail, and major San Diego attractions—highly desirable for renters
- Full building infrastructure replacement, including all new plumbing lines, drain stacks, mainline ABS, new hot water heater, and recirculating system
- Turnkey cash-flowing asset with a current cap rate of 5.06% and market monthly income estimated at $18,470.
Executive Summary
1644 Grove Street is a fully remodeled six-unit apartment building in the heart of South Park, one of San Diego’s most desirable and walkable neighborhoods. Each spacious 2BR/1BA unit has been upgraded with high-end kitchens, modern bathrooms, new flooring, mini-splits, in-unit laundry, and premium fixtures throughout. With all plumbing, decking, and mechanical elements newly replaced, the property offers a turnkey investment opportunity with strong cash flow and minimal maintenance needs. This is a rare chance to own a premium asset in a supply-constrained rental market.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $483,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.06% | Building Size | 4,504 SF |
| Gross Rent Multiplier | 13.1 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.33/1,000 SF |
| Zoning | R2A, Imperial Beach | ||
| Price | $2,900,000 |
| Price Per Unit | $483,333 |
| Sale Type | Investment |
| Cap Rate | 5.06% |
| Gross Rent Multiplier | 13.1 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,504 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.33/1,000 SF |
| Zoning | R2A, Imperial Beach |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $2,895 | - |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 539-302-14 | Improvements Assessment | $600,000 |
| Land Assessment | $1,400,000 | Total Assessment | $2,000,000 |
Property Taxes
Parcel Number
539-302-14
Land Assessment
$1,400,000
Improvements Assessment
$600,000
Total Assessment
$2,000,000
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1644 Grove St
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