5
Total Units
$286K
Price Per Unit
3.34%
Cap Rate at Sale
Represented Seller
Representation
Property Details
Case Study: 4353 Dawson Ave, San Diego 92115
New Construction 5-Unit Apartment Building Sold for $1,430,000
Property Overview
4353 Dawson Ave is a 2016-built, modern 5-unit multifamily property located in San Diego’s University Heights/City Heights border — one of the fastest-improving rental corridors in central San Diego.
Unit Mix:
(4) Two-Bedroom / Two-Bath
(1) Two-Bedroom / One-Bath
As true new-construction product, the building featured contemporary layouts, modern finishes, washer/dryer hookups, and high ceilings, making it stand out from the surrounding 1950s–1970s stock.
Transaction Summary
Sale Price: $1,430,000
Submarket: University Heights / City Heights
Property Type: 5-Unit New Construction
Year Built: 2016
Role: Represented Seller
Notable: Second time representing this same owner on a multifamily sale
Background & Ownership
The property was built and owned by David Chau, a repeat client who also developed and owned 4028 46th Street, another modern 4-unit townhome property you sold previously.
Investment Highlights
Modern 5-unit asset — extremely rare in Central San Diego
Institutional-grade construction in a small-unit format
Strong renter demand due to modern design + central location
Zero deferred maintenance
Low operating expenses
Highly bankable for both conventional and portfolio lenders
Advisory Narrative: How We Maximized Sale Price
New-construction 5-unit properties require a different underwriting approach than typical value-add buildings. For this sale, the strategy focused on:
1. Positioning as a Trophy Small Multifamily Asset
Most 2–5 unit inventory in this submarket is 60+ years old.
We highlighted the rarity of a 2016 build, using:
Comparisons to new construction comps
Cost of replacement construction
Lower maintenance + long-term expense stability
2. Targeting Small Multifamily Portfolio Buyers
Many buyers in this range seek:
Long-term hold
Low CapEx
Strong tenant retention
Modern product near major job centers
This created competition from:
Local portfolio owners upgrading into newer assets
First-time multifamily investors seeking low-risk product
3. Using Rent Certainty to Justify Pricing
With all units being 2BR formats, the building offered predictable rental demand — an important factor that helped reinforce valuation during negotiations.
Outcome
The property sold for $1,430,000, reflecting premium pricing for new-construction product in the central San Diego submarket.
What This Means for San Diego Apartment Owners
Newer 2–10 unit buildings are among the highest-demand assets in San Diego. When marketed properly, they consistently outperform older inventory due to:
Lower operating risks
Higher quality tenants
Strong lender appetite
Premium rent positioning
If you own a new or recently renovated multifamily property, the Dawson sale demonstrates how strategic positioning can maximize value even in shifting markets.
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Narrative
Rare 2016 construction with granite counters, tile floors, 9ft ceilings, and gated entry. 5 units of 2BR/2BA with strong rent upside.