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Gresham Apartments 4073 Gresham St 5 Unit Apartment Building $3,495,000 ($699,000/Unit) 3.38% Cap Rate San Diego, CA 92109
Investment Highlights
- Superb Location within Pacific Beach, in the coveted Crown Point area, just 1.5 blocks from Sail Bay and Fanuel Park!
- Dual Pane Vinyl Windows, Vinyl Plank Flooring, Private Patios in 4 of the 5 Units
- Five (5) Tandem Off-Street Parking Spaces (10 Total Spaces), Large Outdoor Storage/BBQ area at rear of property
- Fully Modernized, Turnkey Property with In-Unit Washer Dryers, Stainless Steel Appliance Packages, Stone Countertops, New Cabinetry
- Separately Metered for Electricity (Master Metered for Gas, Water/Sewer), Low Maintenance Landscaping
- Phenomenal Location Meets Well Upgraded Apartments - Well Suited for Long-Term; Mid-Term; or Short-Term Rentals, for Accelerated Revenue Growth
Executive Summary
It is a privilege to present for sale 4073 Gresham Street, San Diego, CA 92109, an extremely well-located and highly modernized Five (5) unit apartment property in Pacific Beach, ±1.5 blocks from Sail Bay and Fanuel Park, ±7 blocks from the beach, and within walking distance to a wide array of dining, nightlife, recreation and shopping options.
Comprised of: two (2) one-bedroom/one-bathroom units (±685 SF each); and three (3) two-bedroom/one-and-a-half-bathroom townhome units (±1,050 SF each), all units have been upgraded to a high level, thus feature custom cabinetry, granite countertops, recessed lighting, vinyl plank flooring, stainless steel appliances, dishwashers, in-unit washer/dryers, dual-pane vinyl windows and sliders, newer front doors, among other improvements. Four of the units have private/enclosed back patios, and common area amenities at the Property include: five (5) tandem surface off-street parking spaces in front (for 10 total spaces!); a generous gated outdoor storage area at the rear of the property; gated front entry with dial pad access; and a beautifully landscaped courtyard featuring birds of paradise.
4073 Gresham Street has ±4,528 SF of rentable building area (RBA) across all (5) units, which are housed within a single two-story building, built of wood frame construction upon a concrete on grade foundation, with a flat roof that features a shake shingle mansard. Constructed in ±1969 on a ±5,514 SF lot, units are separately metered for electricity, and the Property is master-metered for gas, as well as water/sewer. The property benefits from low cost city waste services and minimal landscape maintenance.
In addition to being a favorite for long-term rentals, with its spacious modernized units, 4073 Gresham Street would also do well with short-term or mid-term rentals. This highly coveted part of Pacific Beach, in Crown Point adjacent to Sail Bay, boasts easy access to its miles long boardwalk, an abundance of water sports, volleyball, The Catamaran, beaches, Santa Clara Point and the Mission Bay Aquatic Center, among others, ripe for continued appreciation.
Contact exclusive agent Joseph Burrough of Palma Commercial for more details including OM. Please do not go onto the property and/or disturb tenants.
Comprised of: two (2) one-bedroom/one-bathroom units (±685 SF each); and three (3) two-bedroom/one-and-a-half-bathroom townhome units (±1,050 SF each), all units have been upgraded to a high level, thus feature custom cabinetry, granite countertops, recessed lighting, vinyl plank flooring, stainless steel appliances, dishwashers, in-unit washer/dryers, dual-pane vinyl windows and sliders, newer front doors, among other improvements. Four of the units have private/enclosed back patios, and common area amenities at the Property include: five (5) tandem surface off-street parking spaces in front (for 10 total spaces!); a generous gated outdoor storage area at the rear of the property; gated front entry with dial pad access; and a beautifully landscaped courtyard featuring birds of paradise.
4073 Gresham Street has ±4,528 SF of rentable building area (RBA) across all (5) units, which are housed within a single two-story building, built of wood frame construction upon a concrete on grade foundation, with a flat roof that features a shake shingle mansard. Constructed in ±1969 on a ±5,514 SF lot, units are separately metered for electricity, and the Property is master-metered for gas, as well as water/sewer. The property benefits from low cost city waste services and minimal landscape maintenance.
In addition to being a favorite for long-term rentals, with its spacious modernized units, 4073 Gresham Street would also do well with short-term or mid-term rentals. This highly coveted part of Pacific Beach, in Crown Point adjacent to Sail Bay, boasts easy access to its miles long boardwalk, an abundance of water sports, volleyball, The Catamaran, beaches, Santa Clara Point and the Mission Bay Aquatic Center, among others, ripe for continued appreciation.
Contact exclusive agent Joseph Burrough of Palma Commercial for more details including OM. Please do not go onto the property and/or disturb tenants.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$191,304
|
$41.16
|
| Other Income |
$1,800
|
$0.39
|
| Vacancy Loss |
$3,862
|
$0.83
|
| Effective Gross Income |
$189,242
|
$40.71
|
| Taxes |
$43,058
|
$9.26
|
| Operating Expenses |
$27,884
|
$6.00
|
| Total Expenses |
$70,942
|
$15.26
|
| Net Operating Income |
$118,300
|
$25.45
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $191,304 |
| Annual Per SF | $41.16 |
| Other Income | |
|---|---|
| Annual | $1,800 |
| Annual Per SF | $0.39 |
| Vacancy Loss | |
|---|---|
| Annual | $3,862 |
| Annual Per SF | $0.83 |
| Effective Gross Income | |
|---|---|
| Annual | $189,242 |
| Annual Per SF | $40.71 |
| Taxes | |
|---|---|
| Annual | $43,058 |
| Annual Per SF | $9.26 |
| Operating Expenses | |
|---|---|
| Annual | $27,884 |
| Annual Per SF | $6.00 |
| Total Expenses | |
|---|---|
| Annual | $70,942 |
| Annual Per SF | $15.26 |
| Net Operating Income | |
|---|---|
| Annual | $118,300 |
| Annual Per SF | $25.45 |
Property Facts
| Price | $3,495,000 | Apartment Style | Low-Rise |
| Price Per Unit | $699,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 3.38% | Building Size | 4,528 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 18.27 | No. Stories | 2 |
| No. Units | 5 | Year Built/Renovated | 1969/2016 |
| Property Type | Multifamily | Parking Ratio | 2.21/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM-2-5 - RM-2-5 (CC CHOZ) | ||
| Price | $3,495,000 |
| Price Per Unit | $699,000 |
| Sale Type | Investment |
| Cap Rate | 3.38% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 18.27 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 4,528 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1969/2016 |
| Parking Ratio | 2.21/1,000 SF |
| Zoning | RM-2-5 - RM-2-5 (CC CHOZ) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $2,806 | 685 |
| 2+1.5 | 3 | $3,444 | 1,050 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 423-382-39 | Total Assessment | $2,012,450 (2025) |
| Land Assessment | $1,657,314 (2025) | Annual Taxes | $43,058 ($9.51/SF) |
| Improvements Assessment | $355,136 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
423-382-39
Land Assessment
$1,657,314 (2025)
Improvements Assessment
$355,136 (2025)
Total Assessment
$2,012,450 (2025)
Annual Taxes
$43,058 ($9.51/SF)
Tax Year
2026
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Gresham Apartments | 4073 Gresham St
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