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2920 First Avenue

San Diego, CA 92103
  • $4,900,000
  • STATUS: ACTIVE
  • ON SITE: 5 Days
  • ID#: 250018021
New On Site 5 Days Ago
UPDATED: 54 min ago
$4,900,000
  • 5
    BEDS
  • 0.21
    ACRES
  • 5
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

Presenting an exceptional investment opportunity in Bankers Hill. Nestled in the heart of the prestigious Bankers Hill neighborhood, this 8,876 SF multifamily property, built in 1965 and zoned R-3, exempli?es a harmonious blend of timeless charm and modern-day convenience. Comprising 13 meticulously maintained units (originally 14 unit/owners unit comprised of two units) and boasting 100% occupancy, this property is a turnkey investment that stands out in today’s competitive market.  One of the standout features is the luxurious owner's unit, a spacious two-bedroom, two-bathroom residence that truly sets this property apart. This unit showcases a grand terrace o?ering stunning views of the iconic San Diego Bay, with those breathtaking vistas extending to the living room and kitchen. Inside, the soaring wood beam vaulted ceiling creates an inviting and open atmosphere, enhanced by custom wood cabinetry and built-in bookshelves, adding both character and practical storage. The custom kitchen and bathrooms are designed with high-quality ?nishes, o?ering both style and functionality, while the central air ensures year-round comfort. Elegant window shutters complete the polished aesthetic of this unique living space. The remaining units consist of four studios, each o?ering e?cient, cozy living spaces, ?ve one-bedroom, one-bath units, designed with comfortable layouts that appeal to a variety of renters, and three two-bedroom, one-bath units, ideal for those seeking extra space.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2025 San Diego MLS, Inc. Licensed in the state of California.
www.redtreerealty.com/homes/160001231
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2920 First Avenue San Diego, CA 92103

  • Price: $4,900,000
  • Status: ACTIVE
  • On Site: 5 Days
  • Updated: 54 min ago
  • ID#: 250018021
5
Beds
5
Baths
0
½ Baths
0.21
Acres
Neighborhood:
Mission Hills (92103)
County:
San Diego
Area:
Mission Hills (92103)
Property Description
Presenting an exceptional investment opportunity in Bankers Hill. Nestled in the heart of the prestigious Bankers Hill neighborhood, this 8,876 SF multifamily property, built in 1965 and zoned R-3, exempli?es a harmonious blend of timeless charm and modern-day convenience. Comprising 13 meticulously maintained units (originally 14 unit/owners unit comprised of two units) and boasting 100% occupancy, this property is a turnkey investment that stands out in today’s competitive market.  One of the standout features is the luxurious owner's unit, a spacious two-bedroom, two-bathroom residence that truly sets this property apart. This unit showcases a grand terrace o?ering stunning views of the iconic San Diego Bay, with those breathtaking vistas extending to the living room and kitchen. Inside, the soaring wood beam vaulted ceiling creates an inviting and open atmosphere, enhanced by custom wood cabinetry and built-in bookshelves, adding both character and practical storage. The custom kitchen and bathrooms are designed with high-quality ?nishes, o?ering both style and functionality, while the central air ensures year-round comfort. Elegant window shutters complete the polished aesthetic of this unique living space. The remaining units consist of four studios, each o?ering e?cient, cozy living spaces, ?ve one-bedroom, one-bath units, designed with comfortable layouts that appeal to a variety of renters, and three two-bedroom, one-bath units, ideal for those seeking extra space.
Exterior Features

Construction Stucco Parking Garages Units With Garages 6

Interior Features

Sq Ft Of Improvement 8876 Stories 2 Story

Property Features

Actual Cap Rate 4.03 Actual Gross Operating Income 305782 Actual Gross Scheduled Income 315240.0 Actual Operating Expense 108206 Actual Vacancy And Credit Loss 9457 Assumable Finance 0 Buildings 1 Complex Features None Gross Equity 3000000 Gross Multiplier 15.54 Have APTS Mandatory Remarks None Known Market Area Metro Uptown Motive Want Cash Out Other Income Actual 2400 Projected Cap Rate 6.33 Projected Gross Multiplier 11.69 Projected Gross Operating Inc 423327 Projected Gross Scheduled Inc 419100 Projected Net Income 309945 Projected Operating Expense 113282 Projected Other Income 16800 Projected Vacancy And Credit Loss 12573 Short Sale No Sq Ft Source Buyer to Verify Unit Number1 4 Unit Number2 5 Unit Number3 3 Unit Number4 1 Unit Type Apartment

San Diego MLS logo Listing provided courtesy of Bill Anderson of Acre Investment Real Estate: 858-245-4887. Listing information © 2025 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2025 San Diego MLS, Inc. Licensed in the state of California.
 
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Red Tree Realty
4138 Napier St.
San Diego CA, 92110