630 W Washington St 12 Unit Apartment Building $3,195,000 ($266,250/Unit) 5.84% Cap Rate San Diego, CA 92103

630 West Washington Street is a 12-unit multifamily property located in the highly desirable rentable market of Mission Hills. The property consists of a single, two-story structure with a large basement as well as a front patio and upstairs sunroom. The 6,688 square foot structure features interior hallways with storage lockers and four 1 bedroom and eight studio units. The units each have multiple large closets and retain the character of the 1913 construction with built-ins, tile and hardwood floors. Approximately one third of the kitchens have been renovated. The previous owner had an informal agreement for 9 parking spaces in the neighboring parking lot. There is upside for a buyer that can solidify an agreement with the neighbor to secure parking. The property has undergone some renovations including structural work and new windows.
Mission Hills has some of the highest home prices in the city of San Diego with most properties being single family or boutique retail. Mission Hills is located just south of the San Diego River valley and north of downtown San Diego, overlooking Old Town and San Diego Bay. It was subdivided on January 20, 1908 as a smaller portion of what is now referred to as Mission Hills. The City of San Diego describes Mission Hills as being the area north of Horton Avenue, South of Mission Valley, West of Goldfinch Street and Reynard Way, and East of the Old Town community area. Mission Hills is part of the 92103 zip code area. It is part of the Uptown community planning area.
The area is primarily residential, with some small shops and restaurants. The area was developed in the early 20th century and most of the houses are still from that era, often carefully preserved and restored. Homes there were also often designed by San Diego’s premier architects.
The main business streets are University Ave. and Washington St. Other major streets are Ft. Stockton Dr. and Sunset Blvd. Cross streets are named for birds, in alphabetical order from Albatross to Lark. Mission Hills contains two historic districts recognized by the City of San Diego.