The Molokai Apartments 5055 73rd St 40 Unit Apartment Building $17,455,643 CAD ($436,391 CAD/Unit) 5.34% Cap Rate San Diego, CA 92115

South Coast Commercial, Inc is pleased to present Molokai Apartments, a garden-style multifamily investment opportunity located at 5055 73rd Street in San Diego’s established College East neighborhood. The property comprises a desirable mix of one- and two-bedroom floor plans ranging from approximately 562 to 1,000 square feet with most of the one bedroom units running 750 square feet, along with an additional non-conforming studio unit that provides incremental income potential. All units feature luxury vinyl plank flooring and electric appliances. Select units have unique architectural features including open beam vaulted ceilings, floor to ceiling windows, and a separate den that can be used as a home office. Ground level units have private fenced backyards while upstairs units have balconies with sliding glass doors. The property is SB721 compliant and all electrical sub-panels have been recently replaced. Residents enjoy gated entry, the sparkling swimming pool, and onsite laundry with leased equipment. Each unit has 1 assigned off street parking space. This well-maintained community represents a rare infill scale offering in a supply-constrained rental market, combining stabilized income with clear upside through targeted improvements.
Strategically positioned near San Diego State University with immediate access to Interstate 8, Molokai Apartments benefits from durable student and workforce housing demand that supports long-term rental growth. The property provides investors with in-place cash flow, RUBS implementation, and a path to enhance returns and add value through further unit renovations, amenity upgrades, and operational efficiencies, making it a compelling value-add opportunity in one of San Diego’s proven multifamily corridors.