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2949-2957 Kalmia St 8 Unit Apartment Building $3,900,000 ($487,500/Unit) 5.07% Cap Rate San Diego, CA 92104
Investment Highlights
- Two newly built units
- Spanish-style bungalow court apartments
- Five Units recently remodeled
Executive Summary
Presenting 2949 Kalmia St., a renovated 8-unit Spanish-style bungalow court in the heart of South Park/North Park. The mix includes mostly 2BR units, one 3BR, and 2BR/2BA
with private yard and laundry. Five units remodeled, two newly built. One unit is professionally staged to highlight charm and upgraded finishes. Close to Balboa Park, walkable to shops, and dining. Strong rents, great curb appeal, and upside in one of San Diego’s top rental markets.
with private yard and laundry. Five units remodeled, two newly built. One unit is professionally staged to highlight charm and upgraded finishes. Close to Balboa Park, walkable to shops, and dining. Strong rents, great curb appeal, and upside in one of San Diego’s top rental markets.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,900,000 | Building Class | C |
| Price Per Unit | $487,500 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 4,562 SF |
| Cap Rate | 5.07% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1960/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.38/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RS-1-7 | ||
| Price | $3,900,000 |
| Price Per Unit | $487,500 |
| Sale Type | Investment |
| Cap Rate | 5.07% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 4,562 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1960/2025 |
| Parking Ratio | 1.38/1,000 SF |
| Zoning | RS-1-7 |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer Hookup
- Kitchen
- Refrigerator
- Oven
- Yard
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Public Transportation
- Smoke Detector
1 1
Walk Score®
Very Walkable (89)
About Balboa Park
The neighborhoods around Balboa Park are known for their walkability, historical relevance, and diversity, making them a target for younger renters. These neighborhoods have among the largest concentrations of 25- to 34-year-olds in the region. The area is lined with historic and dynamic neighborhoods including Banker’s Hill, Hillcrest, North Park, and South Park. Balboa Park and its wide-open space; panoply of museums; the San Diego Zoo; and thriving main streets filled with restaurants, bars, music venues, and shops are among the numerous cultural amenities that attract people here.
Freeway access along State Route 163 and interstates 5, 805, and 15 provide relatively easy commuting channels throughout San Diego. Residents can reach the employment nodes in the UC San Diego area in 30 minutes, and from many neighborhoods, residents can even bike to downtown San Diego's office towers.
Demand has been high here among investors in recent years. A mix of older and new merchant-built properties has made this one of the top targets for renters and investors alike.
Property Taxes
| Parcel Number | 539-022-07 | Total Assessment | $2,440,778 (2025) |
| Land Assessment | $2,016,295 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $424,483 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
539-022-07
Land Assessment
$2,016,295 (2025)
Improvements Assessment
$424,483 (2025)
Total Assessment
$2,440,778 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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2949-2957 Kalmia St
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