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2850-2856 Broadway

8 Unit Apartment Building $2,500,000 ($312,500/Unit) 5.33% Cap Rate San Diego, CA 92102

Investment Highlights

  • Upgraded asset located in one of the fastest growing neighborhoods in San Diego
  • Proximate to major employment centers such as Downtown, Mission Valley, and South Bay
  • Stabilized asset with upside in rents
  • Desirable unit mix comprised of studios, one and two- bedroom units
  • Easy access to Highway 94 and Downtown

Executive Summary

Zorbas, Huffman, & Partners of Marcus & Millichap is pleased to present 2850-56 E Broadway, an 8-unit apartment complex in Golden
Hill. The subject property was built in 1951 and was extensively remodeled in 2024. The unit mix is comprised of three (3) studios, one (1) one-bedroom/one-bathroom units and four (4) two-bedroom/one-bathroom units with an approximate combined 3,684 rentable square footage.
Six of the eight units of the property have been extensively upgraded with vinyl plank floors, quartz countertops, farmhouse kitchen
sinks, shaker cabinets, ceiling fans, tile showers, and stainless appliances. The property also has upgraded windows, electrical, and in-
unit washer/dryers (select units).
2850-56 E Broadway is located in Golden Hill, a neighborhood situated on the south end of the world-famous Balboa Park. Golden Hill is well known for its easy access to major employment centers such as Downtown, Mission Valley, and South Bay. The area has recently come to see an influx of new bars and restaurants pushing south from North Park along the 30th St corridor and Fern St. High walkability, chic local diners which showcase a sense of place and convenience to Balboa Park, Downtown, and freeways make this niche neighborhood extremely desirable. Often touted as a ‘haven’ for artists and musicians, it is home to Black Box Recording Studios, The Habitat Recording Studios, Influx Café, Turf Supper Club, Krakatoa, and Pizzeria Luigi.
The new owner will enjoy the security of having the property situated near infrastructure, jobs, as well as having easy access to Highway 94 and downtown. This offering is perfect for an investor looking to purchase a rarely traded asset and take advantage of one
of the fastest growing areas in San Diego

Property Facts

Price $2,500,000
Price Per Unit $312,500
Sale Type Investment
Cap Rate 5.33%
Gross Rent Multiplier 12.92
No. Units 8
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.16 AC
Building Size 3,684 SF
Average Occupancy 100%
No. Stories 1
Year Built 1951
Opportunity Zone Yes

Unit Amenities

  • Dishwasher
  • Microwave
  • Washer/Dryer
  • Crown Molding
  • Kitchen
  • Hardwood Floors
  • Refrigerator
  • Oven

Site Amenities

  • Gated

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 3 $1,413 197
1+1 1 $1,800 293
2+1 4 $2,475 700
Walk Score ®
Very Walkable (85)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
539-522-23
Land Assessment
$1,248,480
Improvements Assessment
$514,998
Total Assessment
$1,763,478

zoning

Zoning Code R4
R4
  • Listing ID: 32031877

  • Date on Market: 4/25/2024

  • Last Updated:

  • Address: 2850-2856 Broadway, San Diego, CA 92102

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