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5067 Alumni Pl 2 Unit Apartment Building Offered at $2,165,062 CAD at a 6% Cap Rate San Diego, CA 92115
INVESTMENT HIGHLIGHTS
- Submitted Plans to City to Develop another 2 Units
- High and consistent rents driven by SDSU student rentals
EXECUTIVE SUMMARY
DEVELOPMENT DEAL! 5067 Alumni Place presents a rare opportunity to acquire a fully gut-remodeled 2-unit property with SUBMITTED plans to add two additional units, offering both high rental income (BY SDSU) and clear development upside. The existing improvements consist of two spacious units, each featuring 4 bedrooms and 2 bathrooms at approximately 1,500 square feet per unit (Total 8B/4B). Both units have been completely renovated, providing modern layouts, updated systems, and strong rental appeal. Expected rental income for the existing two units is 6K each unit (12K total). Bank just appraised it for 1.7M! Submitted plans call for the construction of a new two-story building featuring two additional units with a patio deck: a 4-bedroom, 2-bath unit of approximately 1,200 square feet and a 2-bedroom, 1-bath unit of approximately 600 square feet, with one unit on each level (Total 6B/3B). This configuration is well suited for maximizing rental income in a high-demand market. Strategically located in the College Area, directly adjacent to San Diego State University, the property sits in one of San Diego’s strongest and most consistent rental corridors. Proximity to campus, transit, and neighborhood amenities makes this an ideal asset for investors seeking stable cash flow today with the ability to significantly increase density and long-term value. This property offers rare both front and back street access to both levels and the proposed new 2 unit. Parking is abundant on Reservoir Dr and does not require a permit. Reach out for OM, proforma and submitted plans. Property is vacant. This property offers more value compared to recent listings or sold comps in the area.
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$167,897
|
$55.89
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,037
|
$1.68
|
| Effective Gross Income |
$162,860
|
$54.21
|
| Taxes |
$24,758
|
$8.24
|
| Operating Expenses |
$16,248
|
$5.41
|
| Total Expenses |
$41,006
|
$13.65
|
| Net Operating Income |
$121,854
|
$40.56
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $167,897 |
| Annual Per SF | $55.89 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $5,037 |
| Annual Per SF | $1.68 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $162,860 |
| Annual Per SF | $54.21 |
| Taxes (CAD) | |
|---|---|
| Annual | $24,758 |
| Annual Per SF | $8.24 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $16,248 |
| Annual Per SF | $5.41 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $41,006 |
| Annual Per SF | $13.65 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $121,854 |
| Annual Per SF | $40.56 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- Kitchen
- Granite Countertops
- Refrigerator
- Range
- Tub/Shower
- Deck
- Patio
- Vinyl Flooring
SITE AMENITIES
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 4+2 | 2 | - | 1,500 |
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5067 Alumni Pl
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