3209 L St 5 Unit Apartment Building $4,041,189 CAD ($808,238 CAD/Unit) 5.64% Cap Rate San Diego, CA 92102

We are pleased to present 3209 L Street; a newly constructed 5-unit community located in the emerging Stockton neighborhood of San Diego. Built in 2024, the property features a desirable unit mix comprised entirely of 4-bedroom townhomes, averaging over 1,400 square feet. The property does NOT have any affordable or deed restricted units which are commonly found on other developments throughout the county.
The project’s construction design is luxurious and contemporary with the finished product being superior in quality and kind to all other inventory within the submarket. These stunning custom homes feature plenty of natural sunlight and are appointed with premium designer fixtures and finishes, quartz countertops, wood cabinetry, stainless-steel appliances, luxury vinyl-plank flooring, ample closet space, recessed lighting, HVAC systems, owned solar array, and in-unit washers and dryers. These large floorplans are ideal for workforce housing just blocks away from downtown San Diego.
The Stockton neighborhood is rich in cultural heritage, and burgeoning potential, and the asset is ideally located 1.5 miles away from the heart of Downtown San Diego, a Tier-1 employment center. A new Community Master Plan was recently adopted that aims to strengthen residents and businesses in the Greater Southeast San Diego neighborhoods. Coupled with an overall well-designed economic expansion of Downtown San Diego, the new community plan will bring major positive implications in the submarket over the next few decades. As major economic milestones are being reached, nearby demand for the submarket continues to increase, presenting investors with the opportunity to capture market rental momentum. Notably, the DoD significantly increased basic housing allowances for active-duty Sailors in San Diego to combat rising housing costs.
Backed by emerging apartment fundamentals in the submarket, proximity to major employment centers, and the property’s construction quality, the asset provides investors with the rare opportunity to purchase a turn-key asset poised to provide meaningful returns for generations.