Listed by CBRE - San Diego
$4,600,000
Howard Avenue Lofts
Details
APN 445-432-09-00
Property Type Multifamily
Sub Type Apartment Building
Square Footage 5,620
Net Rentable (SqFt) 5,620
Units 12
Cap Rate 4.52%
NOI $208,090
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 4.69%
Pro-Forma NOI $215,584
Price per SqFt $819
Class A
Year Built 2024
Buildings 1
Stories 3
Acreage 0.070
Investment Type Stabilized
Ownership Fee Simple
New Construction Loft-Style Apartments in North Park
Marketing description
We are pleased to present for sale the Howard Lofts (the “Property”), a luxury 12-unit, new construction, boutique multifamily community located in the heart of San Diego’s Coveted North Park submarket. The Property was completed in 2024 and offers meticulously designed loft-style apartment homes with elevated living in this prime urban infill submarket. The apartment homes were carefully designed to unlock the unit’s full potential by optimizing space and creating easy to live in floor plans with top-of-the-line finishes and are comprised of four (4) studios and eight (8) one bedroom / one bathroom units. North Park continues to attract quality renters seeking a high-end urban living experience, drawn by the neighborhood’s exceptional walkability, vibrant dining and culture scene, and proximity to San Diego’s major employment corridors. Situated within San Diego County, one of the most undersupplied and fundamentally sound rental markets in California, North Park benefits from strong, sustained demand underpinned by persistent housing shortages and favorable demographic trends. 2828 Howard is one of the few boutique new construction multifamily properties offered for sale in North Park, offering a level of design, finish quality, and loft-style living that remains uncommon for small scale urban infill projects. With a Walk Score of 97, the immediate location benefits from a fully amentized neighborhood with parks, retail, an assortment of dining options, and nightlife all within a short walk.
Investment highlights
- 2024 Luxury Construction with Loft-Style Units
- Exempt from AB 1482 Rent Control for 13 More Years
- All Units with Air Conditioning, Washers and Dryers, and Premium Finishes
- Prime Walkable North Park Location Near Numerous Attractions – Walk Score of 97
- Select Units with Large Private Patios or Balconies
- Communal Roof-Top Deck with Views
- Convenient Location Near Major Freeways and Public Transport
- Six miles from San Diego International Airport
- Attractive Basis for New Construction Apartments
Listing Contacts
Listed by CBRE - San Diego
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$208,090.00
$17,340.83/mo
Valuation Metrics
0
DSCR
4.52%
Cap Rate
4.52%
ROI
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