Case Study: 1119 34th St, San Diego, CA 92102

10-Unit Golden Hill Apartment Building

Sold for $2,500,000

Property Overview

The 10-unit apartment community at 1119 34th St in Golden Hill represents one of the more desirable small-multifamily opportunities in the Metro San Diego submarket. Situated minutes from Downtown, Balboa Park, and major job centers, the property attracts strong rental demand and long-term tenant stability.

More detail here: https://www.sdbj.com/real-estate/commercial/golden-hill-apartments-sold-25m/

The 7,220 SF building sits on a 10,924 SF lot and offers a highly functional unit mix:

• 6 One-Bedroom / One-Bath Units

• 3 Two-Bedroom / Two-Bath Units

• 1 Two-Bedroom / One-Bath Unit (per assessor mix on file)

Half of the units had undergone modern upgrades prior to sale, including quartz countertops, white shaker cabinetry, and newer kitchens—giving the buyer a blend of in-place stability and remaining value-add upside.

Investment Highlights

• Sale Price: $2,500,000

• Property Size: 7,220 SF apartment building

• Lot Size: 10,924 SF

• Unit Count: 10

• Parking: Surface parking onsite

• Upgrades: 50% of units renovated

• Location Strength: High-demand Golden Hill rental corridor near Downtown and major freeway access

This asset appealed to private investors seeking long-term cash flow in a walkable, centrally located neighborhood with consistent rent growth.

Advisory Strategy

The seller engaged me to strategize pricing, position the property competitively, and bring qualified multifamily buyers to the table. Our approach focused on:

1. Leveraging Submarket Knowledge

Golden Hill’s limited inventory of 5–15 unit buildings creates strong buyer competition. We used recent comparable sales and cap rate trends to set a data-driven pricing strategy that maximized the seller’s return.

2. Showcasing Renovation Value

With half of the units already upgraded, we highlighted the dual attractiveness of:

• Immediate stability, and

• Clear value-add upside for the next owner

This ensured interest from both core-plus and value-add multifamily buyers.

3. Targeted Investor Outreach

We focused exclusively on San Diego apartment investors known to transact in 5–15 unit properties—maximizing efficient exposure while keeping marketing time tight.

4. Negotiation & Closing Management

Coordinating inspections, tenant communications, disclosures, and due-diligence milestones, we guided both sides through a smooth transaction from offer to close.

Why This Deal Matters

This sale reflects the broader trend of investors shifting toward well-located, small-to-mid-sized apartment buildings in Metro San Diego—especially assets with a strong renter pool and long-term appreciation potential.

For owners in Golden Hill, South Park, North Park, or surrounding neighborhoods, the 1119 34th St transaction serves as a benchmark for current values and buyer demand in the urban-core multifamily market.

Learn more about working with Arby, a Diego apartment broker specializing in 2–50 unit transactions:

www.sandiegoapartmentexpert.com

Sell your San Diego apartment building with a trusted multifamily broker. 465+ units sold and $150M+ closed. Strategic pricing, qualified buyers, and smooth closings.

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