12 Units - 3 Parcels | Lincoln Park - Opportunity Zone

Highlights:

• 12 Units Across 3 Parcels with Ample Parking – 33 On-Site Spaces
• Desirable Unit Mix – 75% Two- and Three-Bedroom Units
• SB 721 Balcony Inspection Completed
• 100% Occupied – Includes Section 8 Tenants
• Located in a Designated Opportunity Zone

Description:

Commercial Asset Advisors is pleased to present the opportunity to acquire 5406–5418 Imperial Avenue, a well-maintained 12-unit multifamily asset spanning three adjacent parcels in the Lincoln Park neighborhood of Southeast San Diego. Located within a federally designated Opportunity Zone, the property offers stable in-place income with significant rental upside in a supply-constrained submarket.

Constructed in 1973, the property includes three two-story buildings with a strong unit mix: (3) one-bedroom, (6) two-bedroom, and (3) three-bedroom units ranging from 600 to 1,000 square feet. Each unit comes with a dedicated storage space, and the site features 33 off-street parking spaces across 11,878 SF of land. Recent upgrades include new exterior paint, updated roofing, solar, and tasteful interior renovations on select units.

The property is fully occupied, including two Section 8 tenants, and operates at a 4.50% cap rate. There’s near-term upside to a 4.78% cap through annual rent increases allowed under AB 1482 (5% plus CPI, capped at 10%). This figure reflects increases on market-rate units only, Section 8 adjustments require housing authority approval.

A full renovation and repositioning effort could support a 7.05% cap at market rents. This is a clean, well-located asset with strong fundamentals, tax-advantaged potential, and a clear path to improved yield.

This is a compelling opportunity to acquire a stabilized, low-density multifamily property with long-term upside and favorable tax treatment in one of San Diego’s most active rental corridors.

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