4781-4787 Cereza Street

Price

$4,550,000

Price Per Unit

$413,636

Price Per Square Foot

$542.96

CAP Rate

5.43%

4781-4787 Cereza Street

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Units

11 Units

Building Square Feet

8,380 SF

Lot Size

0.23 Acres

Year Built

2023/2025

APN

547-323-05-00

Property Description:

Located in the vibrant Lincoln Park neighborhood of San Diego, Cereza Apartments is a brand-new 11-unit multifamily community offering investors the rare opportunity to acquire a stabilized, newly constructed asset in one of the city’s most rapidly evolving rental corridors. Completed in 2023, the 8,380 SF building is perched on a 10,085 SF lot, elevated above the street and offering panoramic views from private balconies. The unit mix includes (3) 1BD/1BA, (4) 2BD/1BA, and (4) 2BD/2BA apartments—five of which are furnished, catering to both long term and short-term leasing strategies.

Designed with both form and function in mind, the residences feature hardwood-style flooring, mini-split HVAC systems, walk-in closets (in select units), and in-unit laundry. The gated community offers secured entry, designated parking, and a smoke- and vapor-free environment, enhancing tenant quality of life and long-term asset protection. As brand new construction, Cereza is fully exempt from California’s rent control law (AB-1482) and offers a highly favorable depreciation schedule, making it a smart, tax-advantaged investment. With zero deferred maintenance and strong in-place income, this is an ideal opportunity for investors seeking hands-off, yield-generating real estate in a high-demand submarket.

Market Overview:

Lincoln Park is quickly becoming one of central San Diego’s most attractive submarkets, with excellent proximity to Downtown, major freeways, transit, and job centers. The area continues to benefit from public infrastructure investments and private development activity, resulting in consistent rent growth and tenant demand. Compared to neighboring areas, Lincoln Park offers greater affordability, less competition from new supply, and clear long-term upside.