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525 Nutmeg St 18 Unit Apartment Building $5,000,000 ($277,778/Unit) 4.66% Cap Rate San Diego, CA 92103
Investment Highlights
- Historically designated building with possible Mills Act eligibility — potential for significant property tax reduction
- AAA Location - Property is Directly across the street from Balboa Park
- Value-add opportunity with below-market rents
Executive Summary
Presenting a rare opportunity to acquire a landmark, historically designated, 18-unit apartment building situated directly across the street from Balboa Park — one of San Diego's most iconic destinations and the cultural heart of the city. Located at 525-531 Nutmeg Street, this character-rich 1930s property sits in one of San Diego's most desirable and supply-constrained residential neighborhoods, offering investors immediate income with long-term appreciation potential in a location that simply cannot be replicated.
All 18 units are occupied with lease agreements in place, providing day-one cash flow. The seller-owned appliance package — 18 refrigerators and 18 ovens/stoves — transfers with the sale. On-site laundry adds additional convenience for tenants and further supports occupancy retention.
Balboa Park's 1,200 acres of museums, gardens, trails, and the world-famous San Diego Zoo are steps from the front door — a leasing advantage that keeps this building competitive regardless of market conditions. The Bankers Hill location also provides walkable access to dining, retail, and public transit, with downtown San Diego minutes away.
Opportunities like this do not come to market often. Properties with historic designation, Balboa Park frontage, and 18 units of in-place income represent a generational hold for the right buyer.
All 18 units are occupied with lease agreements in place, providing day-one cash flow. The seller-owned appliance package — 18 refrigerators and 18 ovens/stoves — transfers with the sale. On-site laundry adds additional convenience for tenants and further supports occupancy retention.
Balboa Park's 1,200 acres of museums, gardens, trails, and the world-famous San Diego Zoo are steps from the front door — a leasing advantage that keeps this building competitive regardless of market conditions. The Bankers Hill location also provides walkable access to dining, retail, and public transit, with downtown San Diego minutes away.
Opportunities like this do not come to market often. Properties with historic designation, Balboa Park frontage, and 18 units of in-place income represent a generational hold for the right buyer.
Financial Summary (Actual - 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 (Actual - 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
| Price | $5,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $277,778 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 4.66% | Building Size | 10,864 SF |
| Gross Rent Multiplier | 13.5 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1930 |
| Property Type | Multifamily | Parking Ratio | 1.1/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | C-6 | ||
| Price | $5,000,000 |
| Price Per Unit | $277,778 |
| Sale Type | Investment |
| Cap Rate | 4.66% |
| Gross Rent Multiplier | 13.5 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 10,864 SF |
| No. Stories | 2 |
| Year Built | 1930 |
| Parking Ratio | 1.1/1,000 SF |
| Zoning | C-6 |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $2,325 | - |
| 1+1 | 12 | $1,913 | - |
| Studios | 4 | $1,420 | - |
1 1
Very walkable
80/100
Moderately drivable
70/100
Good public transit
60/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 452-714-08 | Total Assessment | $733,803 (2026) |
| Land Assessment | $288,899 (2026) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $444,904 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
452-714-08
Land Assessment
$288,899 (2026)
Improvements Assessment
$444,904 (2026)
Total Assessment
$733,803 (2026)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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525 Nutmeg St
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