Value Add Mixed Use Multifamily 2701 Imperial Ave 14 Unit Apartment Building $1,950,000 ($139,286/Unit) 9.13% Cap Rate San Diego, CA 92102

***PROFORMA CAP RATE: 9.13%***
2701–11 Imperial Avenue is a rare, full corner, 14 unit mixed use investment opportunity located just two miles east of Downtown San Diego in the centrally positioned Grant Hill neighborhood. The property features a distinctive three story building configuration with five street facing commercial units on the ground floor and nine exceptionally large SRO style residential units occupying the upper two stories.
The commercial component is highly visible and benefits from strong foot traffic and frontage along Imperial Avenue. The property is currently anchored by two well established, high performing tenants, Ferchaladas, a popular birria and seafood concept with a 4.8 star Yelp rating, and Ana’s Fruit & Deli, a long standing neighborhood staple operating out of the iconic standalone orange hut included within the parcel. The remaining storefronts provide additional leasing and rental upside through repositioning or re tenanting.
The residential units are notably larger than typical SRO layouts, functioning more like studio or one bedroom apartments in size and feel, while utilizing shared communal bathrooms. Several units feature high ceilings, particularly on the third floor, along with partial views toward Downtown San Diego and the Coronado Bridge. While the building has been well maintained with only mild renovations completed to date, the residential component offers clear value add potential through interior upgrades and rent growth toward market levels.
The property is zoned CN 1 3 and is located within San Diego’s Complete Communities Tier 3 overlay, a Transit Priority Area, and a Qualified Opportunity Zone. This powerful combination may allow for up to approximately 6.5 FAR and roughly 46,000 buildable square feet, subject to buyer verification and city approvals. The site’s three sided street exposure, corner positioning, and strong visibility further enhance its flexibility for redevelopment or long term repositioning.
Centrally located within San Diego’s urban core, the property provides immediate access to Downtown, Balboa Park, Petco Park, Golden Hill, Sherman Heights, and Logan Heights, along with convenient connectivity to I 5, SR 94, and I 15. The surrounding area continues to experience meaningful private investment, infrastructure improvements, and new multifamily development, reinforcing the corridor’s long term growth trajectory.
Whether the strategy is to stabilize cash flow, enhance the commercial tenancy, renovate and increase residential rents, or pursue a higher density redevelopment, 2701–11 Imperial Avenue presents a compelling opportunity to acquire a truly unique mixed use asset at an attractive basis with significant upside potential.