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5707 Mildred St 4 Unit Apartment Building $1,645,000 ($411,250/Unit) 4.64% Cap Rate San Diego, CA 92110
Investment Highlights
- Well-maintained, stabilized 4-unit property in San Diego’s highly desirable Morena neighborhood
- Centrally located near USD, Tecolote Canyon, Mission Bay, Pacific Beach, SeaWorld, Fashion Valley, and major freeways (I-5 and I-8)
- Fully occupied by long-term tenants, it offers reliable in-place income with clear value-add upside through selective unit upgrades
Executive Summary
Well-maintained, stabilized 4-unit property in San Diego’s highly desirable Morena neighborhood. Fully occupied by long-term tenants, it offers reliable in-place income with clear value-add upside through selective unit upgrades, including kitchens, baths, windows, and finishes. The roof is in good condition, and each unit includes one on-site parking space—rare in this area. Centrally located near USD, Tecolote Canyon, Mission Bay, Pacific Beach, SeaWorld, Fashion Valley, and major freeways (I-5 and I-8), driving consistent rental demand. A strong opportunity for investors seeking stable cash flow with future upside in a supply-constrained market.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$81,600
|
$33.50
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$81,600
|
$33.50
|
| Taxes |
$2,835
|
$1.16
|
| Operating Expenses |
$2,467
|
$1.01
|
| Total Expenses |
$5,302
|
$2.18
|
| Net Operating Income |
$76,298
|
$31.32
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $81,600 |
| Annual Per SF | $33.50 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $81,600 |
| Annual Per SF | $33.50 |
| Taxes | |
|---|---|
| Annual | $2,835 |
| Annual Per SF | $1.16 |
| Operating Expenses | |
|---|---|
| Annual | $2,467 |
| Annual Per SF | $1.01 |
| Total Expenses | |
|---|---|
| Annual | $5,302 |
| Annual Per SF | $2.18 |
| Net Operating Income | |
|---|---|
| Annual | $76,298 |
| Annual Per SF | $31.32 |
Property Facts
| Price | $1,645,000 | Apartment Style | Low-Rise |
| Price Per Unit | $411,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.00 AC |
| Cap Rate | 4.64% | Building Size | 2,436 SF |
| Sale Condition | High Vacancy Property | Average Occupancy | 100% |
| Gross Rent Multiplier | 23.22 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 1.64/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM-3-7 - Residential zoning allowing multifamily development. | ||
| Price | $1,645,000 |
| Price Per Unit | $411,250 |
| Sale Type | Investment |
| Cap Rate | 4.64% |
| Sale Condition | High Vacancy Property |
| Gross Rent Multiplier | 23.22 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.00 AC |
| Building Size | 2,436 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.64/1,000 SF |
| Zoning | RM-3-7 - Residential zoning allowing multifamily development. |
Amenities
- Smoke Detector
Unit Amenities
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Tile Floors
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Range
- Carpet
- Vinyl Flooring
Site Amenities
- Laundry Facilities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,290 | 609 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 436-384-01 | Total Assessment | $176,445 (2025) |
| Land Assessment | $76,669 (2025) | Annual Taxes | $2,835 ($1.16/SF) |
| Improvements Assessment | $99,776 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
436-384-01
Land Assessment
$76,669 (2025)
Improvements Assessment
$99,776 (2025)
Total Assessment
$176,445 (2025)
Annual Taxes
$2,835 ($1.16/SF)
Tax Year
2024
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Presented by
Christen Jensen, Broker
5707 Mildred St
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