Investment Overview

Marcus & Millichap is pleased to present the Frontier Apartments located at 2429-45 J Street in San Diego, California. Built in 1988, the 21-unit apartment complex is comprised of (4) separate buildings and is situated in the up-and-coming neighborhood of Sherman Heights. Boasting a Walk Score of 89, the complex rests on a large 20,982 square foot lot with approximately 17,389 rentable square feet. The unit mix consists of (13) four bedroom / two bathroom units and (8) three bedroom / two bathroom units. All units are separately metered for SDG&E reducing overall operating costs to the owner. The property is also located in a Qualified Opportunity Zone. (7) units have recently been upgraded with quartz countertops, new cabinets, vinyl plank flooring, and modern bathroom finishes. Select units have been further improved with dual pane vinyl windows. Attractive tenant offerings include secure gated entry with security cameras, a common area courtyard, storage room with washer / dryer hookups, and (14) storage closets. Parking is abundant with a total of (39) parking spaces distributed among (9) four-car garages, (1) two-car garage, and (1) single carport. With remaining opportunity for further renovation, current rents can be brought to market to maximize cash flow. Furthermore, there is potential for some of the garages to be converted into ADUs. Located only two blocks from popular Market Street and minutes from Downtown, the property enjoys proximity to all the best central San Diego has to offer. Nearby access to the I-5 and SR-94 also allow for an easy commute to all parts of the city. The Frontier Apartments present investors the unique opportunity to acquire a rare-sized, value-add asset with significant rental upside in one of San Diego's fastest growing submarkets.