
Listed by Marcus & Millichap - San Diego
$1,975,000
1237-39 Lincoln Avenue
Details
APN 4454800800
Property Type Multifamily
Sub Type Apartment Building
Square Footage 2,938
Net Rentable (SqFt) 2,938
Units 5
Cap Rate 4.86%
NOI $96,046
Occupancy 100%
Pro-Forma Cap Rate 5.20%
Pro-Forma NOI $105,739
Price per SqFt $672
Year Built 2025
Year Renovated 2025
Buildings 1
Stories 2
Acreage 0.100
Multifamily | 5 Units | $395,000/unit
Marketing description
We are pleased to present 1237–1239 Lincoln Avenue, a boutique five-unit multifamily community ideally located in the heart of San Diego’s University Heights neighborhood. Extensively renovated and constructed in 2025, the property showcases a blend of modernized interiors and functional layouts designed to meet the demands of today’s renters.The community features four (4) one-bedroom/one-bath apartments and one (1) single-family residence offering a one-bedroom/one-and-a-half-bath layout, providing a unique mix of rental options within a compact, low-maintenance setting. Each residence has been thoughtfully upgraded with new finishes, refreshed kitchens and baths, in-unit washer and dryers, heating and cooling systems, luxury vinyl flooring, and modern fixtures to enhance comfort and appeal. Nestled just minutes from Balboa Park, Hillcrest, North Park, and Downtown San Diego, the property enjoys exceptional walkability and connectivity to major employment centers, local retail, and dining destinations. Its central location and strong rental fundamentals make it an ideal choice for tenants seeking quality housing in one of San Diego’s most desirable neighborhoods.With its comprehensive renovations, well-balanced unit mix, and prime location, 1237–1239 Lincoln Avenue presents investors with a turnkey opportunity to acquire a stable, income-producing asset in a supply-constrained, high-demand submarket. Newly Constructed & Fully Renovated in 2025 with comprehensive interior and exterior upgrades - NO DEED RESTRICTED UNITS.
Investment highlights
Newly Constructed & Fully Renovated in 2025 with comprehensive interior and exterior upgrades that deliver modern aesthetics, durable finishes, and
minimal maintenance needs.
Exempt from AB-1482 Rent Control measures for market-rate units for 15 years.
No Deed Restricted Units
Impeccable University Heights Location and prime proximity to the 163, walking distance to Hillcrest Farmer's Market, cafes, boutiques, & transit
options. Attractive
Low-Maintenance Property poised for steady cash flow & appreciation in one of San Diego’s most supply-constrained submarkets.
Listing Contacts

Listed by Marcus & Millichap - San Diego
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$96,046.00
$8,003.83/mo
Valuation Metrics
0
DSCR
4.86%
Cap Rate
4.86%
ROI
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