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2949-2957 Kalmia St 8 Unit Apartment Building $5,143,000 CAD ($642,875 CAD/Unit) 5.49% Cap Rate San Diego, CA 92104
Matterport 3D Tours
Investment Highlights
- Opportunity to own a Spanish-style bungalow court apartment complex with the potential to tap into rental upside and stabilized performance.
- New updates have taken place, with two newly built units and five units recently remodeled as well as upgraded electrical and plumbing systems.
- 2949-2957 Kalmia Street features modern finishes, in-unit laundry, private yards, 3 on-site storage units that generate additional income, and solar.
- Desirable North Park location, near Balboa Park and local fares like Target, Mothership, Seven Seas Roasting Co., and Bad Madge & Co.
Executive Summary
2949-2957 Kalmia Street presents a rare opportunity to acquire a renovated Spanish-style bungalow court located in the highly sought-after North Park submarket of San Diego. The property consists of eight residential units featuring a desirable unit mix, including one three-bedroom unit, two two-bedroom/two-bath units, and four two-bedroom/one-bath units, along with two newly constructed accessory dwelling units (ADUs) equipped with solar systems.
The asset blends classic architectural charm with modern upgrades, including recently remodeled interiors, upgraded electrical and plumbing systems, private yard spaces, and in-unit laundry. The property also includes three on-site storage units, generating additional income, and three parking spaces, currently included in rent, with potential for future revenue optimization.
Current operations reflect stabilized performance with additional upside through continued rent optimization and ancillary income strategies. Utilities are primarily tenant-paid, and the newly constructed ADU units feature solar power, helping reduce operational exposure.
Strategically positioned within walking distance to Balboa Park, retail, dining, and major transit corridors, the property benefits from strong tenant demand and premium rental positioning in one of San Diego’s most desirable rental markets.
The asset blends classic architectural charm with modern upgrades, including recently remodeled interiors, upgraded electrical and plumbing systems, private yard spaces, and in-unit laundry. The property also includes three on-site storage units, generating additional income, and three parking spaces, currently included in rent, with potential for future revenue optimization.
Current operations reflect stabilized performance with additional upside through continued rent optimization and ancillary income strategies. Utilities are primarily tenant-paid, and the newly constructed ADU units feature solar power, helping reduce operational exposure.
Strategically positioned within walking distance to Balboa Park, retail, dining, and major transit corridors, the property benefits from strong tenant demand and premium rental positioning in one of San Diego’s most desirable rental markets.
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Financial Summary (Actual - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,143,000 CAD | Building Class | C |
| Price Per Unit | $642,875 CAD | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 4,562 SF |
| Cap Rate | 5.49% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1960/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.38/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RS-1-7 - Residential Multi Family Zoning | ||
| Price | $5,143,000 CAD |
| Price Per Unit | $642,875 CAD |
| Sale Type | Investment |
| Cap Rate | 5.49% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 4,562 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1960/2025 |
| Parking Ratio | 1.38/1,000 SF |
| Zoning | RS-1-7 - Residential Multi Family Zoning |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer Hookup
- Kitchen
- Refrigerator
- Oven
- Yard
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Public Transportation
- Smoke Detector
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
About Balboa Park
The neighborhoods around Balboa Park are known for their walkability, historical relevance, and diversity, making them a target for younger renters. These neighborhoods have among the largest concentrations of 25- to 34-year-olds in the region. The area is lined with historic and dynamic neighborhoods including Banker’s Hill, Hillcrest, North Park, and South Park. Balboa Park and its wide-open space; panoply of museums; the San Diego Zoo; and thriving main streets filled with restaurants, bars, music venues, and shops are among the numerous cultural amenities that attract people here.
Freeway access along State Route 163 and interstates 5, 805, and 15 provide relatively easy commuting channels throughout San Diego. Residents can reach the employment nodes in the UC San Diego area in 30 minutes, and from many neighborhoods, residents can even bike to downtown San Diego's office towers.
Demand has been high here among investors in recent years. A mix of older and new merchant-built properties has made this one of the top targets for renters and investors alike.
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Brabant Bar & Cafe | Cafe | $$ | 3 min walk |
| Fall Brewing Company South Park Taproom | American | - | 4 min walk |
| Communal Coffee | - | - | 4 min walk |
| Sombrero Mexican Food | Mexican | $ | 4 min walk |
| Station Tavern | Burgers | $ | 4 min walk |
| Cafe Madeliene | Cafe | $$$ | 4 min walk |
| Senor Wooffle | American | - | 8 min walk |
| Hamilton's Tavern | Cafe | - | 14 min walk |
Retail |
||
|---|---|---|
| 7-Eleven | Convenience Market | 6 min walk |
| Target | Dept Store | 8 min walk |
| CVS Pharmacy | Drug Store | 8 min walk |
Hotels |
|
|---|---|
| Luxury Collection |
270 rooms
7 min drive
|
| Marriott Vacation Club |
264 rooms
8 min drive
|
| Baymont |
67 rooms
8 min drive
|
| MOXY |
126 rooms
9 min drive
|
| AC Hotels by Marriott |
147 rooms
9 min drive
|
Property Taxes
| Parcel Number | 539-022-07 | Total Assessment | $3,341,596 CAD (2025) |
| Land Assessment | $2,760,449 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $581,147 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
539-022-07
Land Assessment
$2,760,449 CAD (2025)
Improvements Assessment
$581,147 CAD (2025)
Total Assessment
$3,341,596 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
Sale Advisors
Sale Advisors
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2949-2957 Kalmia St
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