572 21st St 3 Unit Apartment Building $1,861,204 CAD ($620,401 CAD/Unit) 3.67% Cap Rate San Diego, CA 92102

CBRE is pleased to present 572 21st Street, a fully restored 3-unit property located in the evolving Sherman Heights neighborhood of San Diego, just east of Downtown. Owner-occupy the front vacant house and rent out the rear units to have the property pay for itself. Situated on a 4,254 square foot lot, the property consists of a two-story building
totaling approximately 2,145 rentable square feet, offering a unique opportunity ideally suited for an owner-occupant, with additional appeal to investors. The property features one (1) three-bedroom / 1.5-bath unit newly vacant), one (1) one-bedroom / one-bath unit, and one (1) studio loft, providing a flexible layout ideal for an owner-occupant seeking to live in the primary residence while offsetting expenses through income generated from the remaining units. The three-bedroom unit is currently vacant, allowing for immediate occupancy, and is well-suited for personal use, livework, or potential office space. The additional units offer income potential through traditional leasing or short-term rental (subject to local regulations). The property’s configuration may also lend itself to alternative residential use scenarios (buyer to verify).

The property may also qualify for residential 2–4 unit financing, allowing buyers access to 30-year fixed-rate loan options (rates subject to market conditions and buyer qualification). Originally constructed in a historic Victorian architectural style, the property has been extensively renovated, including upgrades to plumbing, electrical systems,
drywall, and partial foundation improvements, resulting in a well-maintained asset with limited deferred maintenance. Each unit is individually sub-metered for water,
allowing for efficient expense management. The property may also be eligible for Mills Act designation, which could provide substantial property tax savings (buyer to verify).
Located in Sherman Heights, an urban infill neighborhood experiencing ongoing reinvestment, the property benefits from strong walkability and proximity to Downtown San Diego and Balboa Park, as well as convenient access to Interstate 5 and State Route 94. Residents enjoy access to a growing mix of restaurants, retail, and neighborhood amenities, further enhancing its appeal. With its flexible unit mix, historic character, and central location, 572 21st Street presents a compelling opportunity for an owner-occupant to enjoy urban living with supplemental income in one of San Diego’s most accessible neighborhoods.