The Heron On Ivy Vacation Rentals 2919 Ivy St 4 Unit Apartment Building $2,595,000 ($648,750/Unit) 4.65% Cap Rate San Diego, CA 92104

CBRE is pleased to present 2919 Ivy Street, a rare opportunity to acquire a 4-unit multifamily property located in the heart of the highly coveted South Park (NSD) neighborhood. Positioned on a quiet residential street overlooking Balboa Park, this boutique asset—known as The Heron on Ivy—off ers a compelling combination of modern finishes, immediate cash fl ow and long-term value stability in one of San Diego’s most supply-constrained rental markets. The property is comprised of four fully furnished studio apartments, each approximately 450 square feet and generating an eff ective gross income of $17,587 per month, or $211,054 the trailing 12 months. Each unit has been thoughtfully designed and recently remodeled to refl ect a sophisticated urban aesthetic, featuring open layouts, abundant natural light, and high-quality finishes. The
units are separately metered and include utilities and high-speed internet, providing a turnkey operation with minimal management burden. Notably, the location delivers outstanding walkability: the address achieves a Walk Score® of 88 out of 100 (Very Walkable) - meaning tenants can accomplish most errands on foot. The property is steps from the neighborhood’s favored dining, coff ee and wine-bar destinations including Café Madeleine, The Rose and Station Tavern, enhancing tenant retention and rental attractiveness. This off ering presents investors with a rare chance to own a stabilized, designforward asset in a high-barrier-to-entry neighborhood. South Park’s enduring
appeal, strong rent fundamentals and limited new supply position 2919 Ivy Street as a premier opportunity for both stable income and long-term appreciation. LOAN MUST BE ASSUMED: $1,000,000 loan, assumed at 5% interest, balloon in Nov 2027, amortized over 30 years.