The Melrose 2164 2nd Ave 16 Unit Apartment Building $6,230,250 CAD ($389,391 CAD/Unit) 3.87% Cap Rate San Diego, CA 92101

We are pleased to present 2164 Second Avenue, a 16-unit multifamily property ideally located in the highly sought-after Bankers Hill neighborhood of San Diego, California. Built in 1920, the property offers an attractive unit mix consisting of fourteen (14) studio/1-bath units and two (2) one-bedroom/one-bath units, catering to a wide range of tenants seeking quality housing near San Diego’s vibrant urban core.
Situated just steps from Balboa Park, and minutes from Downtown San Diego, Little Italy, and the waterfront, 2164 Second Avenue benefits from exceptional accessibility to major employment centers, cultural landmarks, and everyday conveniences. Its central location and walkable surroundings make it highly desirable for residents drawn to Bankers Hill’s blend of historic charm, upscale dining, and park-side living.
The property offers significant value-add potential, with opportunities to enhance both interior and exterior features through modern upgrades and operational improvements—positioning the next owner to capture meaningful rent growth and long-term appreciation.
With its prime infill location, strong renter demand, and upside through renovation, 2164 Second Avenue epresents a compelling investment opportunity in one of San Diego’s most stable and prestigious submarkets.
Assumable Financing (CHASE):
• $2,100,000 assumable loan
• 3.37% fixed rate*
• Converts to variable rate on November 2028
• Interest-only until November 2026, when principal payments commence
*Includes 0.20% interest rate reduction for units below specified AMI levels; base rate: 3.57%.