438 Denby St - New Construction - Denby St - 9 Units 92102 9 Unit Apartment Building Offered at $2,800,000 at a 6% Cap Rate San Diego, CA 92102

We're pleased to present 438 Denby Street; a fully stabilized turn-key multifamily offering comprised of nine units on five detached structures. The property consists of one - fully remodeled detached single-family home and eight brand-new construction units in the rear completed in 2026. The property totals approximately 4,415 rentable square feet on a 6,573-square-foot parcel. Featuring a solid 6% entry CAP.
What distinguishes this offering is that it is already fully stabilized: generating $19,600 of monthly income and $235,200 of annual gross. There is no lease-up, renovation, or rent-repositioning risk left to execute - a buyer steps into durable, day-one cash flow at delivery. Eight of the nine units are AB 1482 exempt from rent control limitations.
All utilities are sub-metered, shifting utility costs to residents. The unit mix pairs the remodeled detached 2-bed/1-bath home at $2,925, one - 2-bed/1-bath unit at $2,500 and seven 1-bed/1-bath units averaging $2,025 monthly. Brand-new construction, separately metered utilities, and market-rate rents already in place combine to offer a low-friction, institutionally clean core asset.
The property is centrally located within minutes to Downtown San Diego, Coronado, Golden Hill, North Park and some of San Diego's most desireable attractions including PETCO Park, San Diego Zoo and Balboa Park. The region is quickly gentrifying making this an attractive investment opportunity for years to come and a great addition to any portfolio.
NOTE: Please do not walk on property or disturb tenants. Contact Cameron Ebrahimi with any inquiries or offers.