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6497-99 Montezuma Rd 6497-99 Montezuma Rd 2 Unit Apartment Building $1,663,984 CAD ($831,992 CAD/Unit) 5.25% Cap Rate San Diego, CA 92115
Investment Highlights
- 2-Unit | 1,822 SF | 4,300 SF Lot
- 4 Bed/3 Bath Main House + Studio
- Proximity Near SDSU — 40,000+ Student Population
- Master Lease | $7,000/Month In-Place Income
- Strong In-Place Cash Flow
Executive Summary
2-unit investment property in San Diego's College Area, offered with a master lease at $7,000/month covering both units. Located steps from SDSU's 40,000+ student population, this is a turnkey opportunity in one of San Diego's highest-demand student housing submarkets — where consistent enrollment drives reliable rental demand year over year. The main house delivers 4 beds/3 baths and the studio adds 1 bath — 1,822 SF total on a 4,300 SF lot.
Currently in process for RM-4-10 zoning, the site offers meaningful long-term redevelopment potential in a supply-constrained submarket. Density bonus pathways — including HAP 2.0 and 100% micro-unit programs — provide significant upside for a buyer with a development horizon, with the potential to deliver a substantially higher unit count on the site. The College Area's proximity to SDSU, major transit corridors, and established retail make it a proven location for student-oriented and multifamily housing. Sustained enrollment supports continued demand for both near-term rental income and future development.
Strong in-place cash flow with entitlement upside. All zoning, development potential, and unit counts to be verified by buyer.
Currently in process for RM-4-10 zoning, the site offers meaningful long-term redevelopment potential in a supply-constrained submarket. Density bonus pathways — including HAP 2.0 and 100% micro-unit programs — provide significant upside for a buyer with a development horizon, with the potential to deliver a substantially higher unit count on the site. The College Area's proximity to SDSU, major transit corridors, and established retail make it a proven location for student-oriented and multifamily housing. Sustained enrollment supports continued demand for both near-term rental income and future development.
Strong in-place cash flow with entitlement upside. All zoning, development potential, and unit counts to be verified by buyer.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$116,576
|
$63.98
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$116,576
|
$63.98
|
| Taxes |
-
|
-
|
| Operating Expenses |
$29,144
|
$16.00
|
| Total Expenses |
$29,144
|
$16.00
|
| Net Operating Income |
$87,432
|
$47.99
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $116,576 |
| Annual Per SF | $63.98 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $116,576 |
| Annual Per SF | $63.98 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $29,144 |
| Annual Per SF | $16.00 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $29,144 |
| Annual Per SF | $16.00 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $87,432 |
| Annual Per SF | $47.99 |
Property Facts
| Price | $1,663,984 CAD | Apartment Style | Single-Family Home |
| Price Per Unit | $831,992 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 5.25% | Building Size | 1,822 SF |
| Gross Rent Multiplier | 14.3 | No. Stories | 2 |
| No. Units | 2 | Year Built | 1984 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM-4-10 - In process for RM-4-10 zoning with multifamily density bonus potential. Buyer to verify all zoning and development potential. | ||
| Price | $1,663,984 CAD |
| Price Per Unit | $831,992 CAD |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| Gross Rent Multiplier | 14.3 |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 1,822 SF |
| No. Stories | 2 |
| Year Built | 1984 |
| Parking Ratio | 1/1,000 SF |
| Zoning | RM-4-10 - In process for RM-4-10 zoning with multifamily density bonus potential. Buyer to verify all zoning and development potential. |
Amenities
Site Amenities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+3 | 1 | $9,715 CAD | - |
| Studios | 1 | - | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 467-222-08 | Total Assessment | $1,050,057 CAD |
| Land Assessment | $600,883 CAD | Annual Taxes | $0 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $449,174 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
467-222-08
Land Assessment
$600,883 CAD
Improvements Assessment
$449,174 CAD
Total Assessment
$1,050,057 CAD
Annual Taxes
$0 CAD ($0.00 CAD/SF)
Tax Year
2025
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6497-99 Montezuma Rd | 6497-99 Montezuma Rd
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