Crescent Gardens Apartments 4881 Rolando Ct 109 Unit Apartment Building $26,500,000 ($243,119/Unit) 4.35% Cap Rate San Diego, CA 92115

Crescent Gardens is a well-located 109-unit garden-style apartment community in the heart of San Diego’s College Village neighborhood in the San Diego State University submarket. Built in 1967, the property offers a stable, income-producing asset with strong appeal to students, faculty, and young professionals due to its proximity to San Diego State University (SDSU), which is just blocks away, as well as convenient access to major employment centers, shopping, dining, and recreation in the greater San Diego metro area.
Located on a quiet cul-de-sac at 4881 Rolando Court, the approximately 73,444 square feet of structure consisting of six buildings is situated walking distance to SDSU. Completed in 1967 on 2.13 acres, the property offers an attractive unit mix of 1 Bedroom / 1 Bathroom, 2 Bedroom / 2 Bathroom single-level, and 2 Bedroom / 1.5 Bathroom townhome-style units, with an average unit size of approximately 655 square feet.
The unit mix consists of sixty-eight One-Bedroom / One-Bathroom units that are approximately 467 to 487 square feet, eight Two-Bedroom / Two-Bathroom units that are approximately 769-791 square feet, and thirty-three Two-Bedroom / Townhouse / One-and-Half-Bath units that are approximately 791-840 square feet. There is a total of 114 parking spaces with one parking space per unit, two handicap spaces, one management space, and two maintenance spaces.
Floor plans emphasize comfortable living with modern touches, including ceiling fans, wall-to-wall carpeting, or laminate flooring, and included appliances such as refrigerators and ranges. Many units offer balconies or decks for added outdoor enjoyment. The plumbing is a combination of ABS and cast iron. The hot water lines are a combination of PEX and copper. The property benefits from a strong tenant base driven by its proximity to San Diego State University (just 0.54 miles away) and the surrounding employment corridor.
Property Highlights
• Amenities: Resort-style swimming pool, on-site laundry facilities, 114 surface and covered parking spaces
• Interior Features: High-speed internet access in every unit.
• Utilities: Property pays gas, water, sewer, and trash removal; residents pay only electricity (individually metered).
• Construction: Two- and three-story frame buildings over parking, flat roofs, ramp entry.
• Site: 6 buildings APN 467-370-21-00.
Location & Market Crescent Gardens sits in a Qualified Census Tract with a B location rating and enjoys immediate access to SDSU, major freeways, and the vibrant College Village retail corridor. The 3-mile trade area features a population of over 217,000, median household income of $83,883, and a robust rental market with 95.7% overall occupancy which is higher than the average occupancy for San Diego County. The area’s steady demand from students, young professionals, and families supports long-term performance and rent growth.
Crescent Gardens is located adjacent to Montezuma Road and El Cajon Boulevard and between the main arteries of College Avenue and 70th Street which provide easy access to San Diego State University’s campus, as well as the I-8 and SR 94 freeways. Major employment hubs including Mission Valley, Downtown San Diego, and Naval Bases are just 15 minutes away down these main freeways.
With the opportunity to create an A quality asset through renovation, Crescent Gardens offers clear value-add potential through interior and exterior upgrades. The property’s utility structure (owner-paid water, gas, sewer & trash) is tenant-friendly and helps maintain high occupancy while keeping operating expenses predictable. Upside exists through submetering or billing tenants back for utilities. Nearby planned and under-construction multifamily projects underscore continued investor interest in this submarket. Investment returns will be increased by reducing the operating expenses through capital improvements to the plumbing and electrical as well as digital marketing costs. Professionally managed, Crescent Gardens provides a low-maintenance ownership experience while delivering consistent resident satisfaction in an amenity-rich environment.
Crescent Gardens is ready for its next owner to capture upside in one of San Diego’s most convenient and demand-driven locations. By marketing to SDSU students and capturing more of the high demand for student housing, there is significant upside in the current rents.
Floor plans emphasize comfortable living with modern touches, including air conditioning, ceiling fans, wall-to-wall carpeting, and included appliances such as refrigerators. Many units offer balconies or decks for added outdoor enjoyment.
Nestled in the heart of the Rolando/College Area, the property benefits from a vibrant, walkable suburban setting with excellent connectivity. It is minutes from SDSU, Grossmont College, major freeways (I-8 and SR-94), public transportation, and local retail corridors. The neighborhood offers a diverse demographic profile with above-average median household incomes and strong rental demand driven by the university and nearby employment opportunities.
San Diego’s robust housing market continues to support multifamily investments, with steady population growth, limited new supply in established neighborhoods, and resilient demand for affordable, well-located rentals near educational institutions.
Crescent Gardens represents an attractive opportunity for investors seeking a value-add asset in one of Southern California’s most reliable rental submarkets. The combination of its 1967 construction vintage, desirable unit mix, comprehensive amenities, and prime proximity to SDSU positions the property for strong occupancy, favorable cash flow, and long-term appreciation potential.