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Carnegie Apartments 950 9th Ave

61 Unit Block of Flats £11,835,000 (£194,016/Unit) 4.85% Net Initial Yield San Diego, CA 92101

Executive Summary

Constructed in 1912, the Carnegie Apartments comprise 61 units in a modified five-story Italian Renaissance structure, standing as San Diego’s largest apartment building of its time. A historical gem, this building is a testament to the craftsmanship of master architects, The Quayle Brothers, showcasing distinctive Italian Renaissance construction characteristics. Investors can leverage the property’s historical significance to benefit from substantial Mills Act Property Tax Savings.
Spanning approximately 37,593 gross square feet on a 10,039 square foot lot, the Carnegie Apartments boast a central elevator and interior staircases in both wings. Common amenities include a gym, bike storage, digital pay laundry facilities, a rooftop garden, picnic areas, and central reading/workspaces on the top four floors. Enhanced security measures include a fire sprinkler system, security camera systems, secure front door access, and Google Fiber connectivity with common area speakers. Art and historical artifacts adorn the common areas, contributing to the building’s unique ambiance.
Comprising 48 studios and 13 one-bedroom units across 18 diverse floor plans, the spacious layouts feature large windows, hardwood flooring, vintage tile countertops, ample closets, and built-in drawers, counters, desks, and mirrors. Some bathrooms boast clawfoot bathtubs, while thick walls ensure a serene environment for both common and private spaces.
Positioned in the vibrant East Village, the Carnegie Apartments offer downtown- style living without compromising convenience. Residents benefit from walkability, enabling easy access to nearby parks, festivals, events, and premier dining and nightlife in the Gaslamp District and Little Italy. This unique location provides tenants with a rare opportunity to embrace a simple and convenient downtown lifestyle.
Do not go on the property without prior approval or disturb tenants.
Contact listing agents for the Property Marketing Website, Offering Memorandum, and Due Diligence access.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual -
Annual Per SF -
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual -
Annual Per SF -
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price £11,835,000
Price Per Unit £194,016
Sale Type Investment
Net Initial Yield 4.85%
Gross Rent Multiplier 13.77
No. Units 61
Property Type Residential
Property Subtype Apartment
Apartment Style Mid Rise
Building Class B
Lot Size 0.23 AC
Building Size 37,593 SF
Number of Floors 5
Year Built 1912

Unit Amenities

  • Cable Ready
  • Crown Moulding
  • Wooden Floors
  • Range
  • Tub/Shower
  • Grill
  • Deck
  • Garden
  • Patio

Site Amenities

  • 24 Hour Access
  • Controlled Access
  • Fitness Centre
  • Laundry Facilities
  • Bicycle Storage
  • Community-Wide Wi-Fi

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
Studios 48 £1,336 397
1+1 13 £1,563 551
Walk Score ®
Walker's Paradise (99)
Transit Score ®
Excellent Transit (81)
Bike Score ®
Very Bikeable (84)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
534-323-03
Land Assessment
£1,755,184 (2024)
Improvements Assessment
£1,170,124 (2024)
Total Assessment
£2,925,308 (2024)

zoning

Zoning Code RCX, San Diego
RCX, San Diego
  • Listing ID: 31513313

  • Date on Market: 15/04/2024

  • Last Updated:

  • Address: 950 9th Ave, San Diego, CA 92101

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