2901-2921 Columbia St 11 Unit Apartment Building $5,684,296 CAD ($516,754 CAD/Unit) 3.16% Cap Rate San Diego, CA 92103

Discover a compelling value-add investment opportunity at 2901–2921 Columbia Street — an 11-unit residential community perfectly positioned in the heart of Middletown, one of Metro San Diego's most sought-after and consistently resilient neighborhoods. This is your chance to acquire a well-located asset in a submarket that continues to attract strong renter demand and long-term appreciation potential.
Offered exclusively by JP Equity Real Estate, this RM-2-4 zoned corner lot offers significant upside potential for investors looking to increase current rents and even higher through unit upgrades or explore future development possibilities. The property is well-maintained, providing stable in-place income while an investor executes their value-add strategy. Key features include a desirable unit mix with many units enjoying panoramic views of bay and downtown skyline, most units with balconies and/or patios, mature landscaping, 12 parking spaces, triple-pane windows, a pitch composition roof, a carport with attached storage, and common laundry facilities — all set on an elevated lot that enhances privacy and street presence.
The current owners have been generous stewards of their tenants, holding rents conservatively below market across all unit types — averaging 40% below prevailing market rates. One-bedroom units running $1,335–$1,550 against a market of $2,200–$2,600, and two-bedroom units at $2,400–$2,500 against a market of $2,800–$3,400. The crown jewel is a spacious 1,418 SF three-bedroom/two-bath unit currently at $2,550 — well below its market potential of $3,800–$4,500 — beautifully positioned to serve as a stunning owner-occupant residence or command premium market rents from day one.