4578 Jicarillo Ave 13 Unit Apartment Building $7,822,594 CAD ($601,738 CAD/Unit) 5.27% Cap Rate San Diego, CA 92117

We are pleased to present 4578 Jacarillo Ave, a newly constructed, fully stabilized 13-unit multifamily asset positioned along the canyon edge in the highly sought-after Bay Ho submarket of central San Diego. Completed in 2025 and delivered fully leased, the Property offers contemporary design, serene natural surroundings, and immediate income in one of San Diego's most supply-constrained coastal neighborhoods.
Situated adjacent to Tecolote Canyon, the community features sweeping westerly canyon views, an omnipresent coastal breeze, and picturesque vistas of Mt. Soledad – a setting virtually impossible to replicate in today's entitlement environment. As a newly constructed asset, all 12 one-bedroom apartments are exempt from California's AB 1482 rent control provisions for 15 years from completion, providing exceptional flexibility for future rent growth.
The Property consists of 12 newly constructed 1-bedroom/1-bathroom residences at 441 SF and a renovated 3-bedroom/2-bathroom single-family home at 1,324 SF, a rare configuration that combines modern multifamily scale with standalone residential value on a generous 13,600 SF lot. Thoughtfully designed to maximize every square foot, the 1-bedroom units feature 10-foot ceilings throughout, creating an open, airy feel that belies the footprint. Each residence includes quartz waterfall countertops, stainless steel appliances, in-unit washer/dryer, split-system HVAC, and private outdoor space.
Current in-place gross income totals $36,335/month ($436,020 annualized), with a pro forma of $37,700/month ($452,400 annualized) at market rents. The Property is offered at $5,650,000 which represents a 5.27% current cap rate (5.65% pro forma) and $434,615/unit.