Investment Overview

Marcus & Millichap is pleased to present 572 21st Street, a completely restored 3-unit multifamily property located in San Diego’s gentrifying Sherman Heights neighborhood just east of Downtown. This complex consists a single 2-story buildings built on a 4,254 square foot lot with approximately 2,145 rentable square feet. The unit mix is composed of one 3-bedroom / 1.5-bathroom house, one 1-bedroom / 1-bathroom unit and a single studio loft above the main house. The 3-bedroom unit could be configured as is currently, as a live-work space, or potentially an office. The complex has been well maintained and features an alluring historic Victorian Architectural style. In 2000, the property went through major renovations with all new plumbing throughout, new electrical, drywall and partial foundation replacement. Each unit is sub-metered for water. The property is historic and Mills Act eligible if the new owner decides to take advantage of substantial property tax savings with very little headache. This asset represents an opportunity for an owner to purchase a stabilized complex with residential financing in one of San Diego’s most gentrifying neighborhoods. Sherman Heights is a historic urban neighborhood located just outside of the heart of San Diego’s downtown area and Balboa Park, known for its architectural variety and views of the bay. This property also has easy access to the I-5 and 94 freeways, allowing residents excellent work mobility. This location allows for the neighborhood’s popular restaurants, shops, and entertainment all to be within walking distance from the property. The neighborhood is being rapidly gentrified with new developments and renovated buildings around the area.