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2959-2981 54th St 12 Unit Apartment Building $3,325,000 ($277,083/Unit) 5.36% Cap Rate San Diego, CA 92105
Investment Highlights
- Three Fourplexes on three Separate APNs - offering potential alternative exit strategies
- 12 Parking Spaces on a 12,196sqft Lot
- 33% 3BR Units | 66% 2BR Units - A rarity in today's multifamily market
Executive Summary
This beautifully refreshed 12-unit property presents a rare opportunity to acquire a pride-of-ownership asset with substantial income upside. Current rents offer immediate improvement potential, with just an 8.8% adjustment, investors can realize a meaningful increase in NOI while positioning the property for natural turnover to market rents. The 3-bedroom and 2-bedroom unit mix stands out in a market saturated with smaller one-bedroom and studio units, providing superior tenant demand and rent growth potential. Recent comparables have traded at similar price-per-unit metrics despite offering inferior layouts and limited income capacity, highlighting the value advantage of this asset. The 3 fourplexes also sit on 3 separate APNs offering the next buyer possible alternative exit strategies. With its recent exterior painting, new parking lot, strong fundamentals, and attractive unit composition, this property is poised to become a top performer in any portfolio.
Financial Summary (Actual - 2025) 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 - 2025) 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 | $3,325,000 | Apartment Style | Low-Rise |
| Price Per Unit | $277,083 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 5.36% | Building Size | 9,360 SF |
| Gross Rent Multiplier | 11.7 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.1/1,000 SF |
| Zoning | CN-1-2 | ||
| Price | $3,325,000 |
| Price Per Unit | $277,083 |
| Sale Type | Investment |
| Cap Rate | 5.36% |
| Gross Rent Multiplier | 11.7 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 9,360 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.1/1,000 SF |
| Zoning | CN-1-2 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $2,048 | 700 |
| 3+1 | 4 | $2,183 | 940 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,103,205 | |
| Land Assessment | $660,994 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,442,211 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$660,994
Improvements Assessment
$1,442,211
Total Assessment
$2,103,205
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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2959-2981 54th St
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