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942 23rd St 6 Unit Apartment Building $2,400,000 ($400,000/Unit) 5.88% Cap Rate San Diego, CA 92102
INVESTMENT HIGHLIGHTS
- Stabilized short/medium term rental
- Walkable neighborhood
- High occupancy
- Continued short term rental management available
EXECUTIVE SUMMARY
Prime Golden Hill multifamily opportunity. 5 legal units + 1 non-conforming unit currently operating as short and medium-term rentals. All units are renovated and well-maintained. Strong current cash flow with high occupancy and proven rental performance. Walkable to neighborhood bars, restaurants, coffee shops, and retail. Minutes to Downtown, Balboa Park, and major freeways. Ideal for investors seeking immediate income in a high-demand rental market. Seller open to continuing management post-close at a discounted rate, or rent transition to long-term tenants. Drive-by only; do not disturb tenants.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$243,000
|
$111.21
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$12,150
|
$5.56
|
| Effective Gross Income |
$230,850
|
$105.65
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$89,779
|
$41.09
|
| Net Operating Income |
$141,071
|
$64.56
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $243,000 |
| Annual Per SF | $111.21 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $12,150 |
| Annual Per SF | $5.56 |
| Effective Gross Income | |
|---|---|
| Annual | $230,850 |
| Annual Per SF | $105.65 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $89,779 |
| Annual Per SF | $41.09 |
| Net Operating Income | |
|---|---|
| Annual | $141,071 |
| Annual Per SF | $64.56 |
PROPERTY FACTS
| Price | $2,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $400,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.88% | Building Size | 2,185 SF |
| Gross Rent Multiplier | 10.49 | No. Stories | 2 |
| No. Units | 6 | Year Built | 1921 |
| Property Type | Multifamily | Parking Ratio | 0.23/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4 | ||
| Price | $2,400,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| Cap Rate | 5.88% |
| Gross Rent Multiplier | 10.49 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 2,185 SF |
| No. Stories | 2 |
| Year Built | 1921 |
| Parking Ratio | 0.23/1,000 SF |
| Zoning | R4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Heating
- Hardwood Floors
- Views
- Deck
- Instant Hot Water
- Lawn
- Patio
- Vinyl Flooring
- Wet Bar
SITE AMENITIES
- Spa
- Grill
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 4 | - | - |
| 1+2 | 1 | - | - |
1 1
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 534-382-12 | Improvements Assessment | $398,238 (2025) |
| Land Assessment | $910,261 (2025) | Total Assessment | $1,308,499 (2025) |
PROPERTY TAXES
Parcel Number
534-382-12
Land Assessment
$910,261 (2025)
Improvements Assessment
$398,238 (2025)
Total Assessment
$1,308,499 (2025)
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