Living Q — Sale in San Diego, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: San Diego, CA 92102

Photos

Living Q — Sale in San Diego, CA, photo 1 of 2
Living Q — Sale in San Diego, CA, photo 2 of 2

Investment Figures

Cap rate
7.29%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to present the exclusive listing for Living Q, a 28-unit boutique SRO community located at 1903-23 K Street in the highly desirable Sherman Heights neighborhood San Diego, California. Originally constructed in 1920, the property offers historic character within San Diego's largest historic district, just minutes from Downtown and the East Village. The 5,818-square-foot property is comprised of (4) standalone buildings situated on a 0.20 acre lot. The unit mix consists of 28 private studio units averaging 133 square feet. Living Q caters to young professionals seeking flexible, community-focused housing close to Downtown and currently offers 3, 6 and 12-month lease terms. Residents enjoy a fully equipped communal kitchen featuring a gas range island, range hood, large farmhouse sink, subway tile and modern open shelving, along with dining banquettes and a dedicated work lounge. Additional amenities include a fitness center, hot tub, outdoor fire pit and on-site laundry. The property is also outfitted with A/C and high-speed internet for modern convenience. VALUE-ADD POTENTIAL The property offers the rare opportunity seldom seen in today's market to acquire a multifamily asset in San Diego's urban core with an in-place cap rate of 7.29%. Current ownership has implemented a utility billback system (RUBS) and utility cost could be reduced further by installing a solar system. Through strategic rent increases, additional cosmetic renovations and operational efficiencies, there is a clear path to grow annual cash flow by 8%+. Relocating the fitness center outdoors would allow the potential conversion of the existing gym space into an ADU(s) further increasing monthly rental income. The asset is well positioned for young professionals seeking unparalleled access to Downtown at a substantially lower monthly rent cost relative to comparable properties in the immediate area. LOCATION OVERVIEW Sherman Heights continues to experience strong investo

Market Context

This multifamily in San Diego, CA is listed for sale. It is offered at an approximate 7.3% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in San Diego, CA — view the full market.

As of Q4 2025, the San Diego multifamily market showed a 5.4% vacancy rate, average asking rents near $2456.00/unit/mo, and cap rates around 4.6%. Source: multiple brokerage reports, Q4 2025.

Its 7.3% asking cap rate is above the San Diego multifamily market average of about 4.6%, implying a higher yield (and typically more risk or upside) than comparable assets. Tight vacancy keeps competition for quality space elevated.

Multifamily market FAQ

What is the typical cap rate for multifamily in San Diego?
About 4.6% as of Q4 2025, per multiple brokerage reports.
Is the San Diego multifamily market tightening or softening?
Vacancy is around 5.4% (Q4 2025).

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