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Villa Espanola Apartments 1906-1944 K St 30 Unit Apartment Building $5,100,000 ($170,000/Unit) 5.80% Cap Rate San Diego, CA 92102
Investment Highlights
- Immediate rental upside and value-add opportunity
- Walking distance from restaurants, shopping, cafes, schools, parks, and entertainment
- Historic Spanish Colonial Revival architecture across an expansive 20,118 SF lot
- Ideally located in the heart of San Diego with access to all (Downtown, Golden Hill, and Logan Heights)
- Spacious well laid out one-bedroom and one-bathroom floor plans
- Eligible to apply for the Mills Act tax saving benefit
Executive Summary
CBRE is pleased to offer for sale a 30-unit residential community located at 1906–1944 K Street in the historic neighborhood of Sherman Heights, adjacent to Downtown San Diego’s East Village, home to Petco Park. Built in 1927, the property features Spanish Colonial Revival architecture combined with secured access to create the ideal living environment. The unit mix consists of 30 well designed one-bedroom one-bathroom floor plans and a laundry facility for the tenant’s convenience. Along with immediate rental upside, the property is an excellent value-add opportunity through renovation. Most tenants are currently month-to-month. The improvements sit on an expansive 20,118 SF flat usable lot. The property is part of the Sherman Heights Historical District and eligible for the Mills Act. The Mills Act typically saves a new owner
between 20% and 70% of their property tax bill.
between 20% and 70% of their property tax bill.
Property Facts
| Price | $5,100,000 | Building Class | C |
| Price Per Unit | $170,000 | Lot Size | 0.46 AC |
| Sale Type | Investment | Building Size | 16,500 SF |
| Cap Rate | 5.80% | No. Stories | 1 |
| No. Units | 30 | Year Built/Renovated | 1927/2000 |
| Property Type | Multifamily | Cross Streets | 19th St |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | C, San Diego | ||
| Price | $5,100,000 |
| Price Per Unit | $170,000 |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 16,500 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1927/2000 |
| Cross Streets | 19th St |
| Opportunity Zone |
Yes |
| Zoning | C, San Diego |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 30 | $1,595 | 550 |
1 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (73)
Property Taxes
| Parcel Number | 535-404-06 | Improvements Assessment | $2,082,998 |
| Land Assessment | $1,034,103 | Total Assessment | $3,117,101 |
Property Taxes
Parcel Number
535-404-06
Land Assessment
$1,034,103
Improvements Assessment
$2,082,998
Total Assessment
$3,117,101
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Villa Espanola Apartments | 1906-1944 K St
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