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950 9th Avenue

San Diego, CA 92101
  • $15,000,000
  • STATUS: ACTIVE
  • ON SITE: 60 Days
  • ID#: 240008164
Price Reduced
UPDATED: 92 min ago
$15,000,000
  • 1
    BEDS
  • N/A
    ACRES
  • 2
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
County:

School Ratings & Info

Description

The Carnegie Apartments offer a unique blend of vintage charm and modern amenities, making it a standout property in the heart of San Diego. Thoughtfully and artfully redesigned, current ownership has taken meticulous care in redesigning the building’s exterior and interior charm. Having commissioned local artists to live in the building and to create one-of-a-kind art installations, the building has been reborn while maintaining its original charm. Recently updated with a five-year-old roof and a new main water heater, the asset is very well-maintained. Moreover, it is equipped with cutting-edge technology, featuring both Cox and Google Fiber capabilities, ensuring seamless connectivity for residents. Situated equidistant from Little Italy, Banker’s Hill, and the Marina District and adjacent to the Gaslamp Quarter and Petco Park, this property is strategically positioned to attract discerning tenants seeking a vibrant urban lifestyle. The East Village location not only enhances the property’s appeal but also places it in proximity to major cultural and entertainment hubs.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/149699086
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950 9th Avenue San Diego, CA 92101

  • Price: $15,000,000
  • Status: ACTIVE
  • On Site: 60 Days
  • Updated: 92 min ago
  • ID#: 240008164
1
Beds
2
Baths
0
½ Baths
N/A
Acres
Neighborhood:
San Diego Downtown (92101)
County:
San Diego
Area:
San Diego Downtown (92101)
Property Description
The Carnegie Apartments offer a unique blend of vintage charm and modern amenities, making it a standout property in the heart of San Diego. Thoughtfully and artfully redesigned, current ownership has taken meticulous care in redesigning the building’s exterior and interior charm. Having commissioned local artists to live in the building and to create one-of-a-kind art installations, the building has been reborn while maintaining its original charm. Recently updated with a five-year-old roof and a new main water heater, the asset is very well-maintained. Moreover, it is equipped with cutting-edge technology, featuring both Cox and Google Fiber capabilities, ensuring seamless connectivity for residents. Situated equidistant from Little Italy, Banker’s Hill, and the Marina District and adjacent to the Gaslamp Quarter and Petco Park, this property is strategically positioned to attract discerning tenants seeking a vibrant urban lifestyle. The East Village location not only enhances the property’s appeal but also places it in proximity to major cultural and entertainment hubs.
Exterior Features

Parking Spaces Total 0

Interior Features

Sq Ft Of Improvement 37593

Property Features

Actual Cap Rate 4.85 Actual Gross Operating Income 1089125 Actual Gross Scheduled Income 1045977.0 Actual Operating Expense 362085 Actual Vacancy And Credit Loss 31379 Assumable Finance 0 Buildings 1 Gross Equity 7500000 Gross Multiplier 13.77 Have Units Leased Apartments 61 Mandatory Remarks None Known Market Area Metro Central Motive Want Sell Other Income Actual 74527 Projected Cap Rate 7.78 Projected Gross Multiplier 9.65 Short Sale No Unit Number1 48 Unit Number2 13 Unit Rent Total1 66192 Unit Rent Total2 20241 Unit Rent1 1379 Unit Rent2 1557

San Diego MLS logo Listing provided courtesy of Benn Vogelsang of NorthMarq Multifamily: 415-250-4947. Listing information © 2024 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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The Neuman Team
516 5th Avenue
San Diego CA, 92101