4638-48 Ohio Street - 4638-48 Ohio Street 16 Unit Apartment Building Offered at $9,138,096 CAD at a 4.66% Cap Rate San Diego, CA 92116

We are pleased to present the "Ohio Villas," a 16-unit multifamily community located at 4638–4648 Ohio Street in San Diego, California. The property offers investors the opportunity to acquire a well-located, extensively renovated asset in the heart of North Park, one of San Diego’s most established urban rental markets.
Built in 1980, the property features a diverse and highly functional unit mix comprised of six (6) one-bedroom/one-bathroom units averaging approximately 500 square feet, four (4) two-bedroom/one-bathroom units averaging approximately 750 square feet, four (4) two-bedroom/one-and-one-half-bathroom units averaging approximately 780 square feet, and two (2) two-bedroom/two-bathroom units averaging approximately 838 square feet, totaling approximately 10,796 rentable square feet.
All 16 units have been upgraded with condo-quality finishes and thoughtful interior improvements. Each unit features a fireplace, as well as renovations including granite countertops, updated cabinetry, tile backsplashes, stainless steel appliances, tile flooring, in-unit washers and dryers, and glass shower enclosures. Each unit includes two off-street parking spaces, with 12 units also benefiting from a private single-car garage. Select units feature private patios or balconies, providing an additional amenity that is difficult to replicate in the surrounding rental market. The property's exterior has also been upgraded and features secure gated access, mature landscaping, dual-pane windows, and tasteful Spanish-style architectural details.
Importantly, the property has a recorded condominium plan with individual APNs already assigned to each unit. This provides a future owner with additional flexibility to pursue a for-sale strategy, creating a variety of potential exit options beyond operating the property as a traditional multifamily investment.
Located in the heart of North Park just steps from Adams Avenue, the property provides residents with immediate access to the neighborhood’s numerous restaurants, coffee shops, bars, retail, and entertainment options. With its 1980s construction, extensive renovations, highly desirable unit mix, abundant off-street parking, recorded condominium plan, the "Ohio Villas" represents a rare opportunity to acquire a high-quality multifamily asset with multiple potential investment and exit strategies in one of San Diego’s most desirable rental markets.