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428-438 Rosemont St 6 Unit Apartment Building $5,250,000 ($875,000/Unit) 3.25% Cap Rate La Jolla, CA 92037
Investment Highlights
- Located within 0.2 miles of Neptune/Windansea Beach and scenic coastal bluffs.
- Positioned on a level 9,227 SF corner lot offering dual street exposure and alley access.
- Six-unit configuration with varied layouts; majority of units vacant and renovation-ready.
Executive Summary
This coastal multifamily property presents a unique value-add opportunity in the highly desirable La Jolla market. Situated just 0.2 miles from Windansea Beach, the asset offers a premier location within a Mediterranean coastal community renowned for its walkability, vibrant lifestyle, and proximity to key employment sectors. The property comprises six units, including two 2BR/2BA, two 2BR/1BA, and two 1BR/1BA layouts, totaling approximately 4,571 square feet of living area. Four of the six units are vacant and renovation-ready, allowing for immediate rental repositioning.
Set on a flat, prominent corner lot of 9,227 square feet with dual street frontage on Rosemont and Electric, this property provides alley access for enhanced circulation and includes four dedicated one-car garages. Potential income upside is significant, with a projected long-term monthly market rent of $29,800, equating to $357,600 annually, and an attractive Airbnb or short-term rental potential estimated at $50,000 monthly. Current financial metrics indicate a GRM of 19.3 and a 3.25% cap rate, underscoring long-term investment stability in an affluent coastal enclave supported by education, healthcare, biotechnology, and tourism.
Set on a flat, prominent corner lot of 9,227 square feet with dual street frontage on Rosemont and Electric, this property provides alley access for enhanced circulation and includes four dedicated one-car garages. Potential income upside is significant, with a projected long-term monthly market rent of $29,800, equating to $357,600 annually, and an attractive Airbnb or short-term rental potential estimated at $50,000 monthly. Current financial metrics indicate a GRM of 19.3 and a 3.25% cap rate, underscoring long-term investment stability in an affluent coastal enclave supported by education, healthcare, biotechnology, and tourism.
Data Room Click Here to Access
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$357,600
|
$79.47
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$14,304
|
$3.18
|
| Effective Gross Income |
$343,296
|
$76.29
|
| Taxes |
$79,350
|
$17.63
|
| Operating Expenses |
$37,243
|
$8.28
|
| Total Expenses |
$116,593
|
$25.91
|
| Net Operating Income |
$226,703
|
$50.38
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $357,600 |
| Annual Per SF | $79.47 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $14,304 |
| Annual Per SF | $3.18 |
| Effective Gross Income | |
|---|---|
| Annual | $343,296 |
| Annual Per SF | $76.29 |
| Taxes | |
|---|---|
| Annual | $79,350 |
| Annual Per SF | $17.63 |
| Operating Expenses | |
|---|---|
| Annual | $37,243 |
| Annual Per SF | $8.28 |
| Total Expenses | |
|---|---|
| Annual | $116,593 |
| Annual Per SF | $25.91 |
| Net Operating Income | |
|---|---|
| Annual | $226,703 |
| Annual Per SF | $50.38 |
Property Facts
| Price | $5,250,000 | Property Subtype | Apartment |
| Price Per Unit | $875,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 3.25% | Lot Size | 0.23 AC |
| Sale Condition | 1031 Exchange | Building Size | 4,500 SF |
| Gross Rent Multiplier | 19.3 | Average Occupancy | 33% |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1950 |
| Zoning | R2 - RM-1-1 | ||
| Price | $5,250,000 |
| Price Per Unit | $875,000 |
| Sale Type | Investment |
| Cap Rate | 3.25% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 19.3 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.23 AC |
| Building Size | 4,500 SF |
| Average Occupancy | 33% |
| No. Stories | 1 |
| Year Built | 1950 |
| Zoning | R2 - RM-1-1 |
Amenities
Unit Amenities
- Heating
- Eat-in Kitchen
- Kitchen
- Views
- Yard
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 2 | $6,000 | 900 |
| 2+1 | 2 | $5,250 | 800 |
| 1+1 | 2 | $3,650 | 600 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 351-471-21 | Total Assessment | $3,774,000 (2025) |
| Land Assessment | $3,162,000 (2025) | Annual Taxes | $79,350 ($17.63/SF) |
| Improvements Assessment | $612,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
351-471-21
Land Assessment
$3,162,000 (2025)
Improvements Assessment
$612,000 (2025)
Total Assessment
$3,774,000 (2025)
Annual Taxes
$79,350 ($17.63/SF)
Tax Year
2026
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428-438 Rosemont St
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