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$220K – $360K
Price Per Unit Range
4.25% – 5.5%
Cap Rate Range
2 – 20 Units
Deal Size
What are apartment cap rates in North Park?
North Park sits in the Mid-City band of our Q3 2026 submarket table, where apartment cap rates range from about 4.25% to 5.5% (South Coast Commercial analysis of CoStar data). Smaller, well-located North Park buildings often trade toward the lower end of that range because buyers are paying for location and rent growth.
How much is an apartment building worth in North Park?
Mid-City apartment buildings, including North Park, have been pricing at roughly $220,000 to $360,000 per unit in our Q3 2026 table. Where a specific building lands depends on its rents versus market, condition, parking, unit mix and lot size. A building-specific valuation is the only reliable number.
Who buys apartment buildings in North Park?
Mostly private investors and 1031 exchange buyers who want a central, walkable location they can hold long term, plus value-add buyers looking for buildings with below-market rents or dated interiors. Institutional buyers are rare at this building size, which keeps the buyer pool local and relationship-driven.
Does rent control affect what my North Park building is worth?
It affects how buyers underwrite it. Most North Park apartments fall under AB 1482 and San Diego's Tenant Protection Ordinance, which cap annual increases and limit no-fault evictions. Buyers price in rent growth through normal turnover, so documented rent rolls, lease dates and the gap to market rents carry a lot of weight.
Market Data
North Park at a Glance
Price per Unit
$220K – $360K
Cap Rate
4.25% – 5.5%
Typical Deal Size
2 – 20 Units
Buyer Type
Private Investors / 1031 Exchange Buyers / Value-Add Operators
Market Insights
How investors are pricing apartments in North Park
North Park is one of San Diego's most liquid small-apartment markets. Its walkable core along 30th Street and University Avenue, older 1920s–1960s building stock and steady renter demand draw a deep pool of private buyers, from first-time apartment investors to 1031 exchange buyers trading out of single-family rentals. Buyers here pay for location and long-term rent growth as much as today's income, so well-located 2–10 unit buildings often trade at lower cap rates than the wider Mid-City average, while larger or heavily value-add buildings price closer to the top of the range. The details that move value most are below-market rents that can be documented, parking, laundry, unit mix (two-bedrooms lease fastest) and whether a lot can support ADUs. Most North Park apartments fall under California's AB 1482 and San Diego's Tenant Protection Ordinance, so buyers underwrite rent growth through turnover rather than immediate increases.
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