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418 W Ivy St
San Diego, CA 92101
Ivy Street Suites · Multifamily Property For Sale
·
3 Units
Investment Highlights
- Full Remodel in 2024 including major Capital Improvements
- Operating as a successful Short Term Rental on Airbnb generating $4,353 monthly for each studio
- High end finishes include dual pane windows, brass fixtures, engineered hardwood floor, dual shower heads in primary bathroom, walk-in closet, laundry
- New roof including plywood, Retaining wall upgrade, foundation reinforcement with 14 adjustable jacks, new HVAC system in front house, ABS plumbing
- Walkscore of 92, within walking distance to world class destinations including Balboa Park, Little Italy and the San Diego Waterfront
- Back structure has shed under the deck with washer-dryer hookups, private courtyard with electrical for hot tub under the patio
Executive Summary
Beautifully remodeled 1917 Craftsman + detached two additional units in prime Bankers Hill / Little Italy location. This rare 3-unit property offers exceptional flexibility for owner-occupants or investors, just steps from Balboa Park, the San Diego Bay waterfront, and the best dining and shopping in 92101.
The front home has been extensively upgraded with high-end finishes, dual-pane windows, updated plumbing and electrical, new roof with new plywood, new HVAC system and foundation and retaining wall improvements. Enjoy multiple outdoor living areas including a front porch, rear deck with bay views, and private yard spaces. Three tandem parking spaces serve the main home.
The rear structure features two studio units with private access and laundry hookups conveniently located beneath the rear deck —ideal for rental income, multigenerational living, or guest use. Property has been operated as a successful furnished rental and offers strong income potential. A turnkey opportunity in one of Downtown San Diego’s most walkable and desirable neighborhoods.
The front home has been extensively upgraded with high-end finishes, dual-pane windows, updated plumbing and electrical, new roof with new plywood, new HVAC system and foundation and retaining wall improvements. Enjoy multiple outdoor living areas including a front porch, rear deck with bay views, and private yard spaces. Three tandem parking spaces serve the main home.
The rear structure features two studio units with private access and laundry hookups conveniently located beneath the rear deck —ideal for rental income, multigenerational living, or guest use. Property has been operated as a successful furnished rental and offers strong income potential. A turnkey opportunity in one of Downtown San Diego’s most walkable and desirable neighborhoods.
Property Facts
| Price Per Unit | $733,333 | Apartment Style | Single-Family Home |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 6.06% | Lot Size | 0.09 AC |
| Gross Rent Multiplier | 14.66 | Building Size | 1,620 SF |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1917/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.85/1,000 SF |
| Zoning | RM-3-7 - RM-3-7 allows 1 unit for every 1,000sqft, equating to 4 by-right units + 4 ADUs. Located in Complete Communities Tier 3 which has an FAR of 6.5. | ||
| Price Per Unit | $733,333 |
| Sale Type | Investment |
| Cap Rate | 6.06% |
| Gross Rent Multiplier | 14.66 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | B |
| Lot Size | 0.09 AC |
| Building Size | 1,620 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1917/2024 |
| Parking Ratio | 1.85/1,000 SF |
| Zoning | RM-3-7 - RM-3-7 allows 1 unit for every 1,000sqft, equating to 4 by-right units + 4 ADUs. Located in Complete Communities Tier 3 which has an FAR of 6.5. |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Disposal
- Fireplace
- Storage Space
- Washer/Dryer
- Washer/Dryer Hookup
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Views
- Walk-In Closets
- Wi-Fi
- Deck
- Double Pane Windows
- Garden
- Mother-in-law Unit
- Office
- Patio
- Porch
- Vinyl Flooring
- Quartz Countertops
Site Amenities
- Courtyard
- Gated
- Sundeck
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | $5,500 | 1,050 |
| Studios | 2 | $6,530 | 300 |
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