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The Melrose 2164 2nd Ave 16 Unit Apartment Building $5,551,133 CAD ($346,946 CAD/Unit) 5.18% Cap Rate San Diego, CA 92101
Investment Highlights
- Under Market Rents
- Walk Score of 94
- Walking Distance to Little Italy
- Good Assumable Financing
- Four Blocks to Balboa Park
Executive Summary
Melrose Apartments is a charming 16-unit community located at 2164 Second Avenue in the highly desirable Bankers Hill neighborhood of San Diego, California. Built in 1920, the property features a mix of 14 studios and two one-bedroom / one-bathroom apartments. The property has charming original character, including hardwood floors, crown molding, Mission-style curved parapet, wide hallways, and an ornate wood/glass entry. The property's classic character and original architectural details are highly appealing to renters.
While the property has been well maintained, there is an opportunity for a new owner to renovate and modernize kitchens and bathrooms, providing a path to increase rents while preserving the property's character.
With a 94 Walk Score, Melrose Apartments is exceptionally well positioned within one of San Diego's most walkable and desirable urban neighborhoods. Residents are surrounded by acclaimed restaurants, cafés, shops, and neighborhood services, including Mister A's, Cucina Urbana, and Azuki Sushi. Balboa Park is just four blocks away, offering 1,200 acres of gardens, museums, cultural attractions, recreational amenities, and scenic trails. Residents can also walk to Little Italy, one of San Diego's most popular dining and entertainment districts.
While the property has been well maintained, there is an opportunity for a new owner to renovate and modernize kitchens and bathrooms, providing a path to increase rents while preserving the property's character.
With a 94 Walk Score, Melrose Apartments is exceptionally well positioned within one of San Diego's most walkable and desirable urban neighborhoods. Residents are surrounded by acclaimed restaurants, cafés, shops, and neighborhood services, including Mister A's, Cucina Urbana, and Azuki Sushi. Balboa Park is just four blocks away, offering 1,200 acres of gardens, museums, cultural attractions, recreational amenities, and scenic trails. Residents can also walk to Little Italy, one of San Diego's most popular dining and entertainment districts.
Property Facts
| Price | $5,551,133 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $346,946 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.18% | Building Size | 6,625 SF |
| Gross Rent Multiplier | 12 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | ||
| Zoning | MCCPD, San Diego - Multi-Family | ||
| Price | $5,551,133 CAD |
| Price Per Unit | $346,946 CAD |
| Sale Type | Investment |
| Cap Rate | 5.18% |
| Gross Rent Multiplier | 12 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 6,625 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1920 |
| Zoning | MCCPD, San Diego - Multi-Family |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | $2,242 CAD | 340 - 370 |
| 1+1 | 2 | $2,283 CAD | 500 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 533-172-12 | Improvements Assessment | $1,044,737 CAD |
| Land Assessment | $1,424,644 CAD | Total Assessment | $2,469,381 CAD |
Property Taxes
Parcel Number
533-172-12
Land Assessment
$1,424,644 CAD
Improvements Assessment
$1,044,737 CAD
Total Assessment
$2,469,381 CAD
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The Melrose | 2164 2nd Ave
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