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4069 Goldfinch St 21 Unit Apartment Building $10,500,000 ($500,000/Unit) 3.18% Cap Rate San Diego, CA 92103
Investment Highlights
- Condo Quality Construction
- Tremendous Rental Upside
- Central Heat/AC, Balconies/Patios, Elevator, Laundry Room, Garages, 4 BBQ Decks
- Rare Mission Hills Opportunity
- 16 Garages = ADU Potential
Executive Summary
Entering the market for the first time, this 21-unit, condo-quality asset in highly desirable Mission Hills presents a rare and compelling investment opportunity.
The property offers significant upside potential through multiple value-add strategies: approximately $1,000 per unit in rental upside, the ability to gradually increase rents to market levels, potential conversion of 16 garages into additional income-producing units (subject to approvals), or a full renovation and repositioning to achieve premium market rents. With solid existing income and clear opportunities to enhance revenue, a new owner can implement a strategic plan to substantially increase NOI over time. Residents enjoy a strong amenity package, including secured gated access, 15 open parking spaces, 16 garages, central heating and air conditioning, private balconies or patios, 20 working fireplaces, spacious storage closets, elevator service, an on-site laundry room, and four community BBQ decks—features that support tenant retention and future rent growth. Current rental rates are approximately $1,000 below market per unit, providing immediate and measurable income upside. Ideally located at the end of Goldfinch Street in the heart of Mission Hills, the property benefits from a premier location with consistently strong rental demand and long-term appreciation potential.
The property offers significant upside potential through multiple value-add strategies: approximately $1,000 per unit in rental upside, the ability to gradually increase rents to market levels, potential conversion of 16 garages into additional income-producing units (subject to approvals), or a full renovation and repositioning to achieve premium market rents. With solid existing income and clear opportunities to enhance revenue, a new owner can implement a strategic plan to substantially increase NOI over time. Residents enjoy a strong amenity package, including secured gated access, 15 open parking spaces, 16 garages, central heating and air conditioning, private balconies or patios, 20 working fireplaces, spacious storage closets, elevator service, an on-site laundry room, and four community BBQ decks—features that support tenant retention and future rent growth. Current rental rates are approximately $1,000 below market per unit, providing immediate and measurable income upside. Ideally located at the end of Goldfinch Street in the heart of Mission Hills, the property benefits from a premier location with consistently strong rental demand and long-term appreciation potential.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$561,756
|
$16.35
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$11,235
|
$0.33
|
| Effective Gross Income |
$550,521
|
$16.02
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$216,531
|
$6.30
|
| Net Operating Income |
$333,990
|
$9.72
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $561,756 |
| Annual Per SF | $16.35 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $11,235 |
| Annual Per SF | $0.33 |
| Effective Gross Income | |
|---|---|
| Annual | $550,521 |
| Annual Per SF | $16.02 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $216,531 |
| Annual Per SF | $6.30 |
| Net Operating Income | |
|---|---|
| Annual | $333,990 |
| Annual Per SF | $9.72 |
Property Facts
| Price | $10,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $500,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 3.18% | Building Size | 15,620 SF |
| Gross Rent Multiplier | 18.7 | Average Occupancy | 100% |
| No. Units | 21 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | Parking Ratio | 1.98/1,000 SF |
| Zoning | RM-3-7 | ||
| Price | $10,500,000 |
| Price Per Unit | $500,000 |
| Sale Type | Investment |
| Cap Rate | 3.18% |
| Gross Rent Multiplier | 18.7 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 15,620 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1979 |
| Parking Ratio | 1.98/1,000 SF |
| Zoning | RM-3-7 |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Grill
- Double Pane Windows
- Intercom
- Patio
- Large Bedrooms
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Grill
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | $1,975 | 650 |
| 2+1.5 | 4 | $2,685 | 900 |
| 2+2 | 4 | $2,763 | 950 |
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Walk Score®
Walker's Paradise (93)
Property Taxes
| Parcel Number | 444-411-14 | Improvements Assessment | $1,963,382 |
| Land Assessment | $1,417,976 | Total Assessment | $3,381,358 |
Property Taxes
Parcel Number
444-411-14
Land Assessment
$1,417,976
Improvements Assessment
$1,963,382
Total Assessment
$3,381,358
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4069 Goldfinch St
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