4781 Cereza St 11 Unit Apartment Building $4,375,000 ($397,727/Unit) 5.65% Cap Rate San Diego, CA 92102

Premier Agency is pleased to introduce Cereza Apartments, a rare chance to acquire a newly built, 11-unit multifamily property in San Diego’s fast-evolving Lincoln Park submarket. Delivered in phases from 2023 through 2026, this contemporary community blends modern architecture with stable in-place income and minimal operational burden, making it a compelling option for both seasoned and emerging investors.
Situated on a 10,085-square-foot parcel, the property encompasses roughly 8,380 square feet of rentable living area. Cereza Apartments provides investors with the uncommon opportunity to own a stabilized, new-construction asset in a centrally located San Diego neighborhood positioned for sustained appreciation. The well-balanced unit mix includes three one-bedroom/one-bath units, four two-bedroom/one-bath units, and four two-bedroom/two-bath units, all designed to meet current renter preferences and support efficient leasing. Five residences are offered fully furnished, allowing flexibility between conventional long-term tenancy and higher-yield furnished or mid-term rental strategies.
Investment Highlights
5.65% Cap Rate: Attractive in-place cash flow with potential for future upside
New Construction (2023–2026): Exempt from California statewide rent control under AB-1482
Low-Intensity Ownership: Modern construction with no deferred maintenance
Accelerated Depreciation Benefits: New build supports cost-segregation strategies
Tenant-Focused Features: In-unit laundry, private balconies, walk-in closets in select units, and efficient mini-split HVAC systems
Controlled Access & Parking: Gated entry, designated on-site parking, and a smoke- and vapor-free environment
The property is fully leased and operating with a stabilized rent roll, offering immediate and predictable income while limiting management demands. Secure access, quality construction materials, and brand-new mechanical, electrical, and plumbing systems are designed to lower ongoing capital costs and preserve long-term value.
Location Overview
Lincoln Park is quickly establishing itself as one of San Diego’s most promising emerging neighborhoods. Located a short drive from Downtown and major employment hubs, the area is benefiting from meaningful public and private reinvestment across residential, commercial, and infrastructure projects. Convenient freeway connections and access to public transportation further enhance tenant demand and support consistent occupancy. Compared with more mature urban submarkets, Lincoln Park continues to offer favorable pricing, reduced competition, and strong appreciation potential.
Nearby Amenities & Access Include:
- Approximately 15 minutes to Downtown San Diego
- Close proximity to SDSU Mission Valley
- Easy access to Naval Base San Diego and other major employers
- Convenient connections to I-805, SR-94, and I-15
- Public transit routes and bus lines
- Nearby schools, retail centers, and neighborhood parks