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942 23rd St 5 Unit Apartment Building $1,950,000 ($390,000/Unit) 5.25% Cap Rate San Diego, CA 92102
Investment Highlights
- Fully furnished units
- Expansive patio area with outdoor kitchen, jacuzzi, grill and lounging area
- Five legal units, one non-conforming unit
- Strong in-place rent with upside
- Seller owned solar panels
Executive Summary
Price improvement. Bring offers.
BridgePoint Realty, Inc. is proud to present 942 23rd St, a thoughtfully renovated apartment community in the heart of Golden Hill, ideally positioned to capture strong rental demand with fully furnished units. Combining attractive in-place cash flow with exceptional long-term upside, the property features an expansive shared outdoor amenity area complete with an outdoor kitchen, BBQ area, gas fire pit, shaded patio and spa — creating a highly desirable lifestyle experience for residents. Situated on a well-appointed 4,828 SF lot, the property consists of five legal units plus one non-conforming apartment unit, along with separately metered utilities enhanced by installed solar panels for improved operating efficiency.
Contact Alex Kohl
BridgePoint Realty, Inc. is proud to present 942 23rd St, a thoughtfully renovated apartment community in the heart of Golden Hill, ideally positioned to capture strong rental demand with fully furnished units. Combining attractive in-place cash flow with exceptional long-term upside, the property features an expansive shared outdoor amenity area complete with an outdoor kitchen, BBQ area, gas fire pit, shaded patio and spa — creating a highly desirable lifestyle experience for residents. Situated on a well-appointed 4,828 SF lot, the property consists of five legal units plus one non-conforming apartment unit, along with separately metered utilities enhanced by installed solar panels for improved operating efficiency.
Contact Alex Kohl
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$168,528
|
$77.13
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,056
|
$2.31
|
| Effective Gross Income |
$163,472
|
$74.82
|
| Taxes |
$23,940
|
$10.96
|
| Operating Expenses |
$37,172
|
$17.01
|
| Total Expenses |
$61,112
|
$27.97
|
| Net Operating Income |
$102,360
|
$46.85
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $168,528 |
| Annual Per SF | $77.13 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,056 |
| Annual Per SF | $2.31 |
| Effective Gross Income | |
|---|---|
| Annual | $163,472 |
| Annual Per SF | $74.82 |
| Taxes | |
|---|---|
| Annual | $23,940 |
| Annual Per SF | $10.96 |
| Operating Expenses | |
|---|---|
| Annual | $37,172 |
| Annual Per SF | $17.01 |
| Total Expenses | |
|---|---|
| Annual | $61,112 |
| Annual Per SF | $27.97 |
| Net Operating Income | |
|---|---|
| Annual | $102,360 |
| Annual Per SF | $46.85 |
Property Facts
| Price | $1,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $390,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.69 AC |
| Cap Rate | 5.25% | Building Size | 2,681 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.8 | No. Stories | 2 |
| No. Units | 5 | Year Built/Renovated | 1921/2021 |
| Property Type | Multifamily | Parking Ratio | 0.37/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM-1-2 - Residential Multi-Family Zoning | ||
| Price | $1,950,000 |
| Price Per Unit | $390,000 |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 11.8 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.69 AC |
| Building Size | 2,681 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1921/2021 |
| Parking Ratio | 0.37/1,000 SF |
| Zoning | RM-1-2 - Residential Multi-Family Zoning |
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 | $2,395 | - |
| 1+1 | 4 | $2,175 | - |
| 1+2 | 1 | $3,000 | - |
1 1
Moderately walkable
70/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 534-382-12 | Total Assessment | $1,308,499 |
| Land Assessment | $910,261 | Annual Taxes | $23,940 ($8.93/SF) |
| Improvements Assessment | $398,238 | Tax Year | 2025 |
Property Taxes
Parcel Number
534-382-12
Land Assessment
$910,261
Improvements Assessment
$398,238
Total Assessment
$1,308,499
Annual Taxes
$23,940 ($8.93/SF)
Tax Year
2025
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942 23rd St
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