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165 20th St 7 Unit Apartment Building $2,000,000 ($285,714/Unit) 3.82% Cap Rate San Diego, CA 92102
INVESTMENT HIGHLIGHTS
- (5) off-street garages, (5) smaller storage units, gated courtyard, on-site laundry, and various interior and exterior improvements
- Roughly 43% income upside current to market. All tenants are month-month.
- Separate water meters and water heaters for all units - tenants pay all utilities.
- Potential to convert garages to 1 or more ADUs
- Corner parcel comprised of (2) 2-story buildings. Excellent curb appeal. Select upper units have bay/bridge and/or downtown views.
- Vibrant and developing Sherman Heights neighborhood in the path of progress.
EXECUTIVE SUMMARY
PRICE REDUCED $100K! Bring all offers. Well-maintained 7-unit value-add multifamily property in the heart of Sherman Heights, one of San Diego’s most vibrant and rapidly growing neighborhoods. Spans two buildings on a corner lot and includes: (4) 2-bed/1-bath units, (3) 1-bed/1-bath units, (5) large 1-car garages, (5) storage units, gated courtyard, on-site laundry. Potential to convert garages to ADUs. Separate water meters/heaters for all units - tenants pay all utilities. Upgrades include new roofs (2016), new windows (last 3–4 years), interior improvements, various plumbing and electric upgrades, and a sewer main line replacement (15 years ago). Some upper units offer bay, bridge, and Downtown skyline views. With month-to-month tenants in place, there's an estimated 43% income upside, and the units are ready for further upgrades. The location offers easy access to Downtown San Diego, Balboa Park, Petco Park, and the Gaslamp Quarter, plus convenient public transit and freeway access.
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$131,820
|
$33.10
|
| Other Income |
$2,640
|
$0.66
|
| Vacancy Loss |
$3,955
|
$0.99
|
| Effective Gross Income |
$130,505
|
$32.77
|
| Taxes |
-
|
-
|
| Operating Expenses |
$54,127
|
$13.59
|
| Total Expenses |
$54,127
|
$13.59
|
| Net Operating Income |
$76,378
|
$19.18
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $131,820 |
| Annual Per SF | $33.10 |
| Other Income | |
|---|---|
| Annual | $2,640 |
| Annual Per SF | $0.66 |
| Vacancy Loss | |
|---|---|
| Annual | $3,955 |
| Annual Per SF | $0.99 |
| Effective Gross Income | |
|---|---|
| Annual | $130,505 |
| Annual Per SF | $32.77 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | $54,127 |
| Annual Per SF | $13.59 |
| Total Expenses | |
|---|---|
| Annual | $54,127 |
| Annual Per SF | $13.59 |
| Net Operating Income | |
|---|---|
| Annual | $76,378 |
| Annual Per SF | $19.18 |
PROPERTY FACTS
| Price | $2,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $285,714 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 3.82% | Building Size | 3,982 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.87 | No. Stories | 2 |
| No. Units | 7 | Year Built | 1966 |
| Property Type | Multifamily | Parking Ratio | 2.51/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RX-1-1 - Multifamily 5-15 unit | ||
| Price | $2,000,000 |
| Price Per Unit | $285,714 |
| Sale Type | Investment |
| Cap Rate | 3.82% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 14.87 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 3,982 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 2.51/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RX-1-1 - Multifamily 5-15 unit |
AMENITIES
UNIT AMENITIES
- Storage Space
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Smoke Free
- Storage Space
- Online Services
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | - | 500 |
| 2+1 | 4 | - | 600 |
Walk Score®
Walker's Paradise (91)
Transit Score®
Excellent Transit (73)
PROPERTY TAXES
| Parcel Number | 535-424-01 | Total Assessment | $360,398 (2025) |
| Land Assessment | $153,688 (2025) | Annual Taxes | $0 ($0.00/SF) |
| Improvements Assessment | $206,710 (2025) | Tax Year | 2026 |
PROPERTY TAXES
Parcel Number
535-424-01
Land Assessment
$153,688 (2025)
Improvements Assessment
$206,710 (2025)
Total Assessment
$360,398 (2025)
Annual Taxes
$0 ($0.00/SF)
Tax Year
2026
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165 20th St
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