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MASSIVE PRICE DROP | 71 Units | San Diego 509 Park Blvd 71 Unit Apartment Building $17,850,000 ($251,408/Unit) 6% Cap Rate San Diego, CA 92101
Investment Highlights
- MASSIVE PRICE REDUCTION
- Surrounded by institutionally owned "Class-A" Multi-Family & Office Properties
- High ceilings and predominantly lofts units
- Extensively renovated 2023-2025
- 4 blocks to Petco Park (Padres baseball) Voted America's #1 Ballpark!
- CASH FLOW
Executive Summary
MASSIVE PRICE REDUCTION! 509 Park is a 71-unit, 32,750-square-foot multifamily property in Downtown San Diego’s East Village, just steps from Petco Park and the San Diego Convention Center. Originally constructed in 1869 as the Bay View Hotel, this historic landmark has been rejuvenated and re-imagined to blend Victorian charm with contemporary style, offering a sophisticated lifestyle that bridges past and present. The property features spacious studio apartments with private kitchens and bathrooms, seamlessly combining classic elegance with modern functionality. A comprehensive renovation in 2023-2025 preserved the building’s historic character while adding modern amenities. Located in East Village, a vibrant hub of cultural events, festivals, and art exhibitions, 509 Park offers a prime urban lifestyle. The neighborhood is home to the San Diego Padres’ Petco Park and provides a dynamic mix of residential, commercial, and cultural opportunities.
Property Facts
| Price | $17,850,000 | Apartment Style | Low-Rise |
| Price Per Unit | $251,408 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.38 AC |
| Cap Rate | 6% | Building Size | 70,450 SF |
| Gross Rent Multiplier | 10.42 | No. Stories | 3 |
| No. Units | 71 | Year Built/Renovated | 1869/2023 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | CCPD-R - Substantial Mills Act tax benefits | ||
| Price | $17,850,000 |
| Price Per Unit | $251,408 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 10.42 |
| No. Units | 71 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 70,450 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1869/2023 |
| Opportunity Zone |
Yes |
| Zoning | CCPD-R - Substantial Mills Act tax benefits |
Amenities
Unit Amenities
- Microwave
- Kitchen
- Refrigerator
- Freezer
Site Amenities
- 24 Hour Access
- Fitness Center
- Lounge
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 71 | $1,869 | 344 |
1 1
Exceptionally walkable
90/100
Moderately drivable
70/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 535-151-11 | Improvements Assessment | $1,361,963 |
| Land Assessment | $1,664,621 | Total Assessment | $3,026,584 |
Property Taxes
Parcel Number
535-151-11
Land Assessment
$1,664,621
Improvements Assessment
$1,361,963
Total Assessment
$3,026,584
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MASSIVE PRICE DROP | 71 Units | San Diego | 509 Park Blvd
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