The San Diego multifamily market has continued on a positive trajectory over the last several quarters, with investors continuing to test the strength in the market by placing properties up for sale. Casa Blanca, a 38-unit apartment community in San Diego’s Bankers Hill neighborhood, has recently been placed on the market. According to a property listing from Acre Investment Real Estate Service’s Anderson Group, Casa Blanca is on the market for $13.49 million, or about $355,131 per unit.
Located at 2241 Fourth Ave., the apartment community consists of four buildings totaling 18,549 square feet. In total, Casa Blanca consists of 28 studio units and 10 one-bedroom units. The property also features various amenities throughout, including a secure gate entry, common barbecue area, laundry facilities and more.
The property was most recently renovated in 2018, according to the listing, to include approximately $2 million worth of renovations. This includes various exterior renovations, such as signage, a new roof, fencing and more. Interior renovations, such as new cabinets, quartz countertops and stainless steel appliances, were also included in renovations.
The property is located in the Bankers Hill neighborhood in close proximity to Balboa Park’s numerous museums, the San Diego Zoo and various walking trails. The area is also home to a large population, with approximately 212,921 people living within three miles of the property. Those living within a three-mile radius of the property also earn an average household income of $114,963 per year.
Overall, San Diego’s multifamily market continues to see tenant and investor demand, with low vacancy rates and increases in both rental rates and sales prices. According to a fourth quarter market report from Kidder Mathews, the San Diego multifamily market recorded a 3.3 percent vacancy rate, while rental rates increased to $2,192 per month. Sales prices also increased, on average, to $434,335 per room.
