Listed by Kidder Mathews San Diego
$5,500,000
Finestra Lofts
Details
APN 533-223-03-00
Property Type Multifamily
Sub Type Apartment Building
Square Footage 15,810
Units 9
Cap Rate 4.06%
NOI $223,352
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 4.85%
Pro-Forma NOI $266,649
Price per SqFt $348
Class B
Year Built 2006
Buildings 1
Stories 5
Acreage 0.120
Zoning CCPD-NC
Parking Spaces 10 spaces
Parking Per SqFt 0.63
Investment Type Stabilized
Ground Lease No
Multifamily | 9 Units | $611,111/unit
Marketing description
BACK ON MARKET WITH REDUCED PRICE! Priced below replacement costs. Finestra Lofts is a nine-unit condominium development with a ground-floor commercial space in the heart of San Diego’s vibrant Little Italy. Built in 2006, the modern, five-story building features spacious open-concept layouts, select Bay views, controlled access, elevator service, and secure underground parking. A recorded Final Map allows immediate condo sales or a flexible future exit strategy. With a Walk Score of 99, residents enjoy award-winning dining, nightlife, and the San Diego Trolley just steps away—making this an ideal opportunity for long-term investors or developers targeting a phased condo disposition in one of the city’s most supply-constrained markets.
Investment highlights
- With the rising cost of construction, Finestra Lofts offers a buyer the unique opportunity to buy a newer property in an excellent location significantly below replacement cost.
- The property boasts a Walk Score of 99.
- The property has a Final Map allowing a buyer to sell units as condominiums today, or use as a potential exit strategy in the future.
- Walking distance to the San Diego Trolley.
- Little Italy provides excellent demographics with an average household income of $224,668 and over 80% of the population with a bachelor's degree or higher.
Listing Contacts
Listed by Kidder Mathews San Diego
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$223,352.00
$18,612.67/mo
Valuation Metrics
0
DSCR
4.06%
Cap Rate
4.06%
ROI
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