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Finestra Lofts 1943-1949 India St 8 Unit Apartment Building $5,500,000 ($687,500/Unit) 4.06% Cap Rate San Diego, CA 92101
Executive Summary
BACK ON THE MARKET WITH A REDUCED PRICE! Finestra Lofts is a nine-unit condominium development located in the heart of San Diego’s vibrant Little Italy neighborhood. Built in 2006, the property offers a rare chance to own a modern, architecturally distinctive asset in a highly desirable urban location. With rising construction costs, Finestra Lofts provides the opportunity to purchase a newer property at a price well below replacement cost. Finestra Lofts also benefits from a recorded Final Map, allowing a buyer to sell individual condominium units immediately or hold as a flexible future exit strategy.
The five-story building features spacious, open-concept floor plans with select units offering premium Bay views. There is one ground floor commercial space currently occupied by an art gallery. Additional features include controlled access, elevator service and secure underground parking.
The property boasts a Walk Score of 99, providing residents with immediate access to the best of Little Italy and Downtown San Diego, including the San Diego Trolley, just a short walk away. Little Italy is booming with award winning restaurants, trendy bars and nightlife, Italian inspired coffee and gelato shops, and more.
The five-story building features spacious, open-concept floor plans with select units offering premium Bay views. There is one ground floor commercial space currently occupied by an art gallery. Additional features include controlled access, elevator service and secure underground parking.
The property boasts a Walk Score of 99, providing residents with immediate access to the best of Little Italy and Downtown San Diego, including the San Diego Trolley, just a short walk away. Little Italy is booming with award winning restaurants, trendy bars and nightlife, Italian inspired coffee and gelato shops, and more.
Property Facts
| Price | $5,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $687,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 4.06% | Building Size | 15,810 SF |
| Gross Rent Multiplier | 13.5 | Average Occupancy | 95% |
| No. Units | 8 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2006 |
| Property Subtype | Apartment | Parking Ratio | 0.63/1,000 SF |
| Zoning | CCPD-NC, San Diego - Commercial | ||
| Price | $5,500,000 |
| Price Per Unit | $687,500 |
| Sale Type | Investment |
| Cap Rate | 4.06% |
| Gross Rent Multiplier | 13.5 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 15,810 SF |
| Average Occupancy | 95% |
| No. Stories | 5 |
| Year Built | 2006 |
| Parking Ratio | 0.63/1,000 SF |
| Zoning | CCPD-NC, San Diego - Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer
- Wheelchair Accessible (Rooms)
Site Amenities
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 4 | $3,353 | 1,233 |
| 2+2.5 | 2 | $4,058 | 1,630 |
| 2+2.5 | 2 | $4,873 | 1,850 |
Exceptionally walkable
90/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 533-223-03 | Improvements Assessment | $2,324,581 |
| Land Assessment | $1,658,365 | Total Assessment | $3,982,946 |
Property Taxes
Parcel Number
533-223-03
Land Assessment
$1,658,365
Improvements Assessment
$2,324,581
Total Assessment
$3,982,946
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Finestra Lofts | 1943-1949 India St
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