930 21St StSan Diego, CA 92102

This 4-unit apartment building in San Diego's desirable Golden Hill neighborhood presents a compelling value-add investment opportunity. The property, built in 1880 with renovations in 1940, comprises approximately 2,535 square feet across four units: two 2-bedroom/2-bathroom units (approximately 750 sq ft each), one 1-bedroom/1-bathroom unit (approximately 500 sq ft), and one studio unit (approximately 400 sq ft). A 135 sq ft basement offers additional storage. The property sits on a 5,284 sq ft lot and includes 4 parking spaces. Currently boasting 100% occupancy, the property generates a NOI of $44,720, with a pro-forma NOI of $84,511 projected after renovations. The asking price is $1,550,000 ($611.44/sq ft and $387,500/unit). Significant upside potential exists through rent increases and further interior improvements. The property is zoned RM-2-5 and benefits from Complete Communities (Tier 3), Transit Priority Area, and Transit Area overlay zones, allowing for substantial development potential, potentially up to 34,000+ sq ft of improvements (subject to city approvals). The property features a maturely landscaped backyard and is located in a historic district, potentially qualifying for Mills Act tax savings. Its prime location offers easy access to downtown San Diego, public transportation, and numerous amenities. This fee-simple property is offered as a 1031 exchange opportunity.