4037 Winona Ave 6 Unit Apartment Building $1,920,270 CAD ($320,045 CAD/Unit) 5.03% Cap Rate San Diego, CA 92105

4037 Winona Ave presents a compelling low-barrier to entry opportunity to acquire a 1980s-constructed multifamily asset in Central San Diego, one of the region’s most demanded rental markets. At an attractive $1,380,000 purchase price, investors can acquire six income-producing units at a significantly lower price-per-unit basis than comparable 3–4 unit properties, without a proportional increase in acquisition cost.
The property consists of six (6) identical 510 SF one-bedroom/one-bathroom units, each featuring efficient layouts and walk-in closets. Capital improvements have been completed selectively across the unit mix, creating a clear value-add runway. One unit was fully renovated in 2021 with shaker cabinetry, hard-surface countertops, LVP flooring, updated appliances, and a refinished bathroom. Three additional units received interior refreshes between 2023–2025, including new vinyl flooring, refinished cabinetry, and updated hardware. The remaining two units retain original finishes and exhibit heavy wear, presenting upside through renovation and rent repositioning. The water heater was replaced in 2024. Exterior facia, window trim, and all iron gating, railings, and security windows were painted in 2025.
Constructed in 1982, the property sits on a 6,173 SF full-size lot and benefits from full ABS sewer lines, a single flat roof, and an all-concrete lot, resulting in a low-maintenance operating profile designed to minimize expenses and maximize long-term cash flow. Utility configuration includes seven gas meters, seven electric meters, and one water meter. The property also offers 11 off-street parking spaces, including six secured spaces in a gated rear lot, a notable amenity for tenants in this submarket.
Residents enjoy proximity to many of San Diego’s major employment and lifestyle centers, all within a 5–15 minute drive, including Downtown San Diego, North Park, Mission Valley, Fashion Valley, SDSU, USD, Naval Base San Diego, and Scripps Medical Center. The property offers excellent freeway connectivity via I-15, I-805, I-8, and SR-94, supporting strong tenant demand and long-term rental stability