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BIG PRICE DROP | 5.7%-6% Cap Rate | RENOVATED 509 Park Blvd 71 Unit Apartment Building $28,386,694 CAD ($399,813 CAD/Unit) 5.68% Cap Rate San Diego, CA 92101
INVESTMENT HIGHLIGHTS
- HUGE PRICE REDUCTION! $286K/unit - Extensively Renovated!
- Surrounded by institutionally owned Class-A multifamily projects
- Superior Downtown/East Village location
- Extensively Renovated Apartment Community
- Historically designated building with substantial Mills Act tax benefits
EXECUTIVE SUMMARY
HUGE PRICE REDUCTION! 5.7% - 6.0% Cap Rates! Extensively Renovated! 509 Park is a 71-unit, 32,750-square-foot multifamily property in Downtown San Diego’s East Village, just steps from Petco Park and the San Diego Convention Center. Originally constructed in 1869 as the Bay View Hotel, this historic landmark has been rejuvenated and re-imagined to blend Victorian charm with contemporary style, offering a sophisticated lifestyle that bridges past and present. The property features spacious studio apartments with private kitchens and bathrooms, seamlessly combining classic elegance with modern functionality. A comprehensive renovation in 2023-2025 preserved the building’s historic character while adding modern amenities.509 Park features spacious studio apartments with private kitchens and bathrooms, offering a perfect blend of classic elegance and modern functionality. The property is designated as an SRO with the San Diego Housing Commission with substantial Mills Act tax benefits. Please contact brokers for Offering Memorandum.
PROPERTY FACTS
| Price | $28,386,694 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $399,813 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.38 AC |
| Cap Rate | 5.68% | Building Size | 70,450 SF |
| Gross Rent Multiplier | 11.23 | No. Stories | 3 |
| No. Units | 71 | Year Built | 1869 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | CCPD-R - Substantial Mills Act tax benefits | ||
| Price | $28,386,694 CAD |
| Price Per Unit | $399,813 CAD |
| Sale Type | Investment |
| Cap Rate | 5.68% |
| Gross Rent Multiplier | 11.23 |
| No. Units | 71 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 70,450 SF |
| No. Stories | 3 |
| Year Built | 1869 |
| Opportunity Zone |
Yes |
| Zoning | CCPD-R - Substantial Mills Act tax benefits |
AMENITIES
UNIT AMENITIES
- Microwave
- Kitchen
- Refrigerator
- Oven
- Freezer
SITE AMENITIES
- 24 Hour Access
- Fitness Center
- Tenant Controlled HVAC
- Lounge
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Walk Score®
Walker's Paradise (99)
Transit Score®
Excellent Transit (81)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 535-151-11 | Improvements Assessment | $1,911,869 CAD |
| Land Assessment | $2,336,728 CAD | Total Assessment | $4,248,597 CAD |
PROPERTY TAXES
Parcel Number
535-151-11
Land Assessment
$2,336,728 CAD
Improvements Assessment
$1,911,869 CAD
Total Assessment
$4,248,597 CAD
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BIG PRICE DROP | 5.7%-6% Cap Rate | RENOVATED | 509 Park Blvd
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