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The Molokai Apartments 5055 73rd St 39 Unit Apartment Building $16,005,380 CAD ($410,394 CAD/Unit) 5.38% Cap Rate San Diego, CA 92115
Investment Highlights
- Desirable mix of spacious one- and two-bed/two-bathroom units that average over 800 sq ft.
- Abundant off-street parking for tenants
- Attractive community amenities including gated entry, pool courtyard, on-site laundry, assigned parking, and on-site management
- Prime College East location (92115) with immediate access to Interstate 8, SDSU, Downtown San Diego, and major retail centers
- Well-designed floorplans with large layouts, private outdoor space, and abundant natural light
- Lifestyle-Oriented Location near Mission Trails, Cowles Mountain, and Lake Murray offering outdoor recreation and long-term tenant appeal
Executive Summary
We are pleased to present The Molokai Apartments, a 39-unit multifamily community located at 5055 73rd Street in San Diego. Situated in the vibrant College East neighborhood, the property benefits from its prime location just off Interstate 8, providing convenient access to Downtown San Diego, San Diego State University, and a wide range of nearby retail and dining options, including College Plaza and the Aztec Shopping Center.
The property features a well-balanced unit mix comprised of twenty-seven (27) one-bedroom/one-bathroom units, twelve (12) two-bedroom/two-bathroom units, and one (1) non-conforming studio unit, offering broad appeal to students, young professionals, and long-term residents. The apartment homes are designed with spacious layouts, including expansive living areas, oversized bedrooms, floor-to-ceiling windows for abundant natural light, private patios or balconies, and ample closet and storage space, enhancing overall livability and tenant retention.
The Molokai Apartments offers a well-maintained, amenity-rich community environment, highlighted by a gated entry, landscaped courtyard, and a resort-style pool area. Additional features include on-site laundry facilities, assigned parking, and responsive on-site management, contributing to operational efficiency and resident satisfaction. The property is also pet-friendly, further expanding its renter appeal. Residents enjoy proximity to outdoor recreation, including Mission Trails Regional Park, Cowles Mountain, and Lake Murray, reinforcing the property’s strong lifestyle offering.
With its strategic location, attractive unit mix, and desirable community amenities, The Molokai Apartments represents a compelling opportunity to acquire a stable, income-producing asset in one of San Diego’s most active and consistently performing rental submarkets.
The property features a well-balanced unit mix comprised of twenty-seven (27) one-bedroom/one-bathroom units, twelve (12) two-bedroom/two-bathroom units, and one (1) non-conforming studio unit, offering broad appeal to students, young professionals, and long-term residents. The apartment homes are designed with spacious layouts, including expansive living areas, oversized bedrooms, floor-to-ceiling windows for abundant natural light, private patios or balconies, and ample closet and storage space, enhancing overall livability and tenant retention.
The Molokai Apartments offers a well-maintained, amenity-rich community environment, highlighted by a gated entry, landscaped courtyard, and a resort-style pool area. Additional features include on-site laundry facilities, assigned parking, and responsive on-site management, contributing to operational efficiency and resident satisfaction. The property is also pet-friendly, further expanding its renter appeal. Residents enjoy proximity to outdoor recreation, including Mission Trails Regional Park, Cowles Mountain, and Lake Murray, reinforcing the property’s strong lifestyle offering.
With its strategic location, attractive unit mix, and desirable community amenities, The Molokai Apartments represents a compelling opportunity to acquire a stable, income-producing asset in one of San Diego’s most active and consistently performing rental submarkets.
Property Facts
| Price | $16,005,380 CAD | Property Subtype | Apartment |
| Price Per Unit | $410,394 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.99 AC |
| Cap Rate | 5.38% | Building Size | 31,854 SF |
| Gross Rent Multiplier | 11.68 | Average Occupancy | 95% |
| No. Units | 39 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Zoning | R3 | ||
| Price | $16,005,380 CAD |
| Price Per Unit | $410,394 CAD |
| Sale Type | Investment |
| Cap Rate | 5.38% |
| Gross Rent Multiplier | 11.68 |
| No. Units | 39 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.99 AC |
| Building Size | 31,854 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1971 |
| Zoning | R3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $2,882 CAD | 562 |
| 1+1 | 24 | $3,025 CAD | 757 |
| 2+2 | 12 | $3,527 CAD | 1,000 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 469-100-25 | Improvements Assessment | $5,819,989 CAD |
| Land Assessment | $3,879,990 CAD | Total Assessment | $9,699,979 CAD |
Property Taxes
Parcel Number
469-100-25
Land Assessment
$3,879,990 CAD
Improvements Assessment
$5,819,989 CAD
Total Assessment
$9,699,979 CAD
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The Molokai Apartments | 5055 73rd St
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