6497-99 Montezuma Rd 6497-99 Montezuma Rd 2 Unit Apartment Building $1,199,000 ($599,500/Unit) 5.25% Cap Rate San Diego, CA 92115

2-unit investment property in San Diego's College Area, offered with a master lease at $7,000/month covering both units. Located steps from SDSU's 40,000+ student population, this is a turnkey opportunity in one of San Diego's highest-demand student housing submarkets — where consistent enrollment drives reliable rental demand year over year. The main house delivers 4 beds/3 baths and the studio adds 1 bath — 1,822 SF total on a 4,300 SF lot.
Currently in process for RM-4-10 zoning, the site offers meaningful long-term redevelopment potential in a supply-constrained submarket. Density bonus pathways — including HAP 2.0 and 100% micro-unit programs — provide significant upside for a buyer with a development horizon, with the potential to deliver a substantially higher unit count on the site. The College Area's proximity to SDSU, major transit corridors, and established retail make it a proven location for student-oriented and multifamily housing. Sustained enrollment supports continued demand for both near-term rental income and future development.
Strong in-place cash flow with entitlement upside. All zoning, development potential, and unit counts to be verified by buyer.