

Listed by VKREA Commercial
$1,549,900
San Diego 5 unit
Details
APN 5381003600
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 3,490
Units 5
Cap Rate 5.84%
NOI $90,558
Occupancy 100%
Pro-Forma Cap Rate 7.63%
Pro-Forma NOI $118,206
Broker Co-Op No
Class B
Year Built 163
Buildings 2
Stories 2
Acreage 7,800 - 7,900
Zoning Builder
Parking Spaces spaces
Investment Type Stabilized
Ground Lease No
5 Unit Brand New Construction Apartment Building
Marketing description
Newly constructed 5-unit multifamily asset completed in 2024, offering a rare opportunity to own a modern, low-maintenance investment property in one of San Diegos most connected urban locations. Built for long-term efficiency, the property features owned solar, all-electric building systems, and in-unit washer and dryer in every unit, creating a highly attractive setup for both investors and tenants. The newer construction and energy-conscious design help support lower maintenance demands and more efficient day-to-day operation. The property consists of two detached buildings with a desirable mix of two 2-bedroom/1-bath units and three 1-bedroom/1-bath units. Contemporary finishes, functional layouts, and modern design elements give the property strong tenant appeal and position it well against older housing stock in the area. Ideally located just south of Downtown San Diego near the Coronado Bridge, the property benefits from excellent access to major employment hubs, transportation corridors, dining, retail, and entertainment. The surrounding Barrio Logan area is one of San Diegos oldest and most culturally rich neighborhoods, located south of Downtown and shaped by the presence of the Port of San Diego and Naval Station San Diego. It is also known for its gallery scene, shopping, dining, and proximity to Chicano Park, a National Historic Landmark and cultural destination. These neighborhood qualities help create the kind of location story that stands out to renters and investors alike. With new construction, owned solar, all-electric efficiency, in-unit laundry, and a l
Investment highlights
1877–1881 Irving Avenue, San Diego, CA 92113
Offered at $1,549,900
- Brand New 2024 Construction
- Ground-up construction just completed — offering modern systems, code compliance, and minimal deferred maintenance.
- Desirable Unit Mix
- Two detached structures comprising:
- (2) Large 2-Bedroom / 1-Bath Units
- (3) Two-Story Loft-Style 1-Bedroom / 1-Bath Units
- All units feature in-unit laundry, high-end finishes, and energy-efficient appliances.
- Prime Central San Diego Location
- Walkable to Balboa Park, minutes from Downtown, Gaslamp, Coronado Bridge, and I-5 freeway — one of San Diego’s strongest rental corridors.
- Energy-Efficient & Low-Expense Asset
- Owned solar panels (no loan or lease)
- All-electric units with separate meters
- Tenants pay electricity
- Owner pays water (except one affordable unit)
- $400/month in utility reimbursements from tenants
- Strong Income Potential & Upside
- Market Gross Income: $13,469/month
- Pro Forma NOI: $120,750
- Projected Pro Forma Cap Rate: 6.73%
- Median Market Rents: $2,977 (2BD), $2,505 (1BD)
- Affordable Housing Component
- Includes 1 designated affordable housing unit per San Diego Housing Commission, creating a potential opportunity for long-term incentives.
- Ideal for Passive Investors & 1031 Exchange Buyers
- Fully stabilized, professionally built, and located in a market with long-term appreciation and low vacancy — this is a true turnkey asset.
Listing Contacts


Listed by VKREA Commercial
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$90,558.00
$7,546.50/mo
Valuation Metrics
0
DSCR
5.84%
Cap Rate
5.84%
ROI
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