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2049 Julian Ave 5 Unit Apartment Building Offered at $1,000,000 at a 3.88% Cap Rate San Diego, CA 92113
Investment Highlights
- Diverse Unit Mix (3BR, Studio & Three 1BR Bungalow Cottages
- Improving Logan Heights Neighborhood Minutes to Downtown
- Rents Well Below Market, Immediate Upside
- Walking Distance to Several Schools & Markets
Executive Summary
Long term ownership with a true Value Add component. Rents well below market and some deferred maintenance but priced accordingly. Located in Logan Heights in a solid Residential Neighborhood poised for rent growth and nearby development. Possibility of an Owner-Occupied investment with a 3BR Single Family Residence and 4 additional units for income. Mix is One 3Br/1Bath, One Studio (Non-Conforming), & Three 1BR/1Bath Bungalow style units. There is a garage in the rear that could be converted to an ADU.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$60,300
|
$25.19
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$60,300
|
$25.19
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$21,597
|
$9.02
|
| Net Operating Income |
$38,703
|
$16.17
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $60,300 |
| Annual Per SF | $25.19 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $60,300 |
| Annual Per SF | $25.19 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $21,597 |
| Annual Per SF | $9.02 |
| Net Operating Income | |
|---|---|
| Annual | $38,703 |
| Annual Per SF | $16.17 |
Property Facts Under Contract
| Price | $1,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $200,000 | Building Size | 2,394 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 3.88% | No. Stories | 1 |
| No. Units | 5 | Year Built | 1940 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Price | $1,000,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 3.88% |
| No. Units | 5 |
| Property Type | Multifamily |
| Apartment Style | Low-Rise |
| Building Size | 2,394 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1940 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 1 | $1,500 | 1,014 |
| Studios | 1 | $900.00 | 300 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Good public transit
60/100
Moderately bikeable
60/100
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2049 Julian Ave
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