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Ezabelle 454 13th St 48 Unit Apartment Building $18,900,000 ($393,750/Unit) 3.19% Cap Rate San Diego, CA 92101
INVESTMENT HIGHLIGHTS
- Rental Upside: Spread between current and market rents
- Urban-Infill Location: High-demand rental submarket
- Rooftop Deck: Amenity potential with skyline views
- Modern, High-Design Construction: Turnkey appeal, low maintenance
- Retail Component: Three income-generating ground-floor commercial units
EXECUTIVE SUMMARY
Ezabelle is a boutique 48-unit multifamily and mixed-use property located in the heart of San Diego’s East Village—an urban-infill opportunity that fuses high-efficiency design, strong in-place income, and legacy assumable financing.
Completed in 2020, the property features:
43 contemporary micro-studios with polished concrete floors, built-ins, and in-unit laundry
3 deed-restricted low-income units
2 ground-floor commercial spaces, including a full-scale retail storefront and street-facing kiosks
Rooftop deck with skyline views and community amenities
LEED-certified construction and energy-efficient systems
Walk Score: 97 – Steps to Petco Park, UCSD Innovation Hub, Central Library, and dozens of bars and restaurants
Current occupancy sits at 87.8%, with rents trailing market by ~10%, creating a clear value-add path through lease-up and optimization.
An attractive 3.58% assumable interest-only loan with a remaining term through 2032 offers immediate leverage and long-term upside in San Diego’s fastest-growing neighborhood.
Completed in 2020, the property features:
43 contemporary micro-studios with polished concrete floors, built-ins, and in-unit laundry
3 deed-restricted low-income units
2 ground-floor commercial spaces, including a full-scale retail storefront and street-facing kiosks
Rooftop deck with skyline views and community amenities
LEED-certified construction and energy-efficient systems
Walk Score: 97 – Steps to Petco Park, UCSD Innovation Hub, Central Library, and dozens of bars and restaurants
Current occupancy sits at 87.8%, with rents trailing market by ~10%, creating a clear value-add path through lease-up and optimization.
An attractive 3.58% assumable interest-only loan with a remaining term through 2032 offers immediate leverage and long-term upside in San Diego’s fastest-growing neighborhood.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Microwave
- Ceiling Fans
- Tub/Shower
- Carpet
- Grill
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Grill
- Wi-Fi
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 45 | - | 210 - 400 |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Excellent Transit (81)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 535-156-08 | Total Assessment | $10,546,716 |
| Land Assessment | $88,126 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $10,458,590 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
535-156-08
Land Assessment
$88,126
Improvements Assessment
$10,458,590
Total Assessment
$10,546,716
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Ezabelle | 454 13th St
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