San Diego Multifamily for Sale - Downtown
1130–1134 11th Avenue | San Diego, CA
Price: $7,799,000
Units: 25 (22 Studios and 3 One Bedroom)
Price/Unit: $311,960
Cap Rate: 4.68%
NOI: $364,838
GRM: 16.26
Occupancy: 100%
This is a rare, stabilized urban core asset positioned directly in the path of continued downtown San Diego growth. The property sits at the highly desirable “smart corner” of 11th Ave & C Street, immediately adjacent to the City College Trolley Station, providing unmatched transit-oriented appeal.
Investment Profile:
Strong in-place cash flow with 100% occupancy
Proven operational stability with consistent rent roll
Value-add potential through interior upgrades and rent optimization
Located within a rapidly evolving high-density redevelopment corridor
Ideal for investors targeting workforce housing
Strategic Advantages:
Transit-adjacent = long-term tenant demand
Walking distance to Gaslamp Quarter, Petco Park, and Downtown employment hubs
Surrounded by new mixed-use and multifamily developments
Flexible long-term upside: hold for yield, reposition, or redevelop
This is a basis-driven downtown San Diego play with immediate income and clear upside in one of the most supply-constrained, high-demand rental markets in Southern California.
PROPERTY DESCRIPTION
Positioned in the heart of downtown San Diego’s rapidly evolving East Village, 1130–1134 11th Avenue presents a compelling opportunity to acquire a fully occupied, 25-unit multifamily asset in one of the city’s most dynamic urban corridors.
One building built in 1904 and another in 1946 (Buyer to verify) and meticulously maintained, the property consists of a unique mix of Twenty-Two (22) studio apartments and Three (3) 1-bedroom apartments, catering to the strong and consistent demand for affordable urban housing. The building spans approximately 8,274 square feet on a 7,556 square foot lot, offering both operational efficiency and long-term redevelopment potential.
The property’s location is truly unmatched, situated directly next to the City College Trolley Station, residents benefit from seamless connectivity across San Diego via multiple trolley lines. Just steps away, tenants enjoy immediate access to the Gaslamp Quarter’s dining and nightlife, Petco Park, the Embarcadero waterfront, Little Italy, and the San Diego Convention Center, creating an unbeatable live-work-play environment.
Surrounded by newly developed luxury apartment communities and mixed-use projects, the asset is strategically positioned for future growth and appreciation. Whether maintained as a stable income-producing property or repositioned to capture higher rents, 1130–1134 11th Avenue offers investors a rare blend of current yield, location-driven demand, and long-term upside.
25-unit multifamily asset in the heart of Downtown San Diego (East Village)
100% occupied with proven, stable in-place income
$364K NOI delivering a 4.68% cap rate at current pricing
Transit-oriented location directly adjacent to the City College Trolley Station
Walkable to major demand drivers including Gaslamp Quarter, Petco Park, and the Embarcadero
Strong unit mix (Twenty-Two (22) studios + Three (3) 1 bedroom) catering to high-demand workforce housing
Attractive basis at ~$312K per unit in a supply-constrained urban core
Value-add upside through interior renovations and rent increases
Positioned within a high-growth redevelopment corridor surrounded by new mixed-use projects
Flexible investment strategy: stable cash-flow hold, reposition, or long-term redevelopment play
Investment Highlights
25-unit multifamily asset located in the heart of Downtown San Diego’s East Village, one of the city’s most active and evolving urban corridors.
Strong in-place income with a clear path to increased revenue through natural lease turnover and repositioning.
Multiple units currently leased below market, providing immediate opportunity to drive NOI growth without significant capital investment.
Proven value-add potential through targeted unit renovations, including kitchens, bathrooms, and interior finishes.
Opportunity to improve operational efficiencies and increase returns through professional management and expense optimization.
Located within close proximity to major demand drivers including City College Trolley Station, Petco Park, and the Gaslamp District.
Positioned within a high-growth area with long-term development and redevelopment potential (buyer to verify).
Flexible investment strategy: acquire for stable cash flow with upside, execute value-add improvements, or hold for long-term appreciation and future development potential.
