The Chenore Ridge Apartments, a newly constructed 12-unit multifamily complex located at 3093 Broadway in San Diego’s Golden Hill neighborhood, has been brought to market for $6.9 million, equating to approximately $575,000 per unit. This five-story, 14,258-square-foot property occupies a 0.17-acre lot in one of the city’s most sought-after residential enclaves. Marcus & Millichap is overseeing the sale on behalf of the ownership, positioning the asset as a turnkey opportunity with long-term income upside.
Marketing materials suggest that the Chenore Ridge Apartments currently generates a net operating income (NOI) of $332,058 with a cap rate of 4.81 percent. Pro-forma figures project NOI rising to $366,217, increasing the cap rate to 5.31 percent as rents are aligned with current market levels. The listing underscores the property’s potential for long-term appreciation in a high-barrier-to-entry submarket with consistent tenant demand and limited supply of Class A inventory.
According to the offering memorandum, the Class A apartment building was completed in 2023 and will be delivered free and clear of debt. The broker notes that new ownership can capitalize on the asset’s strong pro-forma metrics and unit mix. The complex comprises five three-bedroom/two-bath units, six two-bedroom/two-bath units, and one one-bedroom/one-bath unit. All residences feature high-end finishes, including luxury vinyl plank flooring, granite countertops, and premium fixtures, while amenities such as in-unit laundry, HVAC, private balconies or patios, and gigabit internet access add to the overall living experience for tenants.
Based on the marketing brochure, the Chenore Ridge Apartments also offer operational efficiency, with separately submetered water and a secured fob entry system supported by security cameras. The property includes 13 off-street parking spaces accessible via the third-level alley. Situated just one block from 30th Street and minutes from the 94 Freeway, the property is within walking distance to Golden Hill’s dining, retail, and cultural amenities.
Marcus & Millichap’s Raymond Choi is handling the listing.
According to CBRE’s San Diego Multifamily Figures Q4 2024, the market showed continued signs of stabilization and growth at the close of the year. Occupancy ticked up both quarterly and annually—the first year-over-year gain since 2021—while net absorption reached its highest level since late 2021, surpassing the five-year average by more than 75 percent.
Though annual completions fell 29 percent to a three-year low of 4,051 units, analysts note that the multifamily investment market rebounded strongly, with quarterly sales volume exceeding $1 billion for the first time in two years. Annual sales jumped 41.8 percent, driven by a surge in deal activity and pricing, with the average price per unit reaching $421,649—second-highest on record. Rents saw modest compression, slipping 1.4 percent quarter-over-quarter and 1.1 percent year-over-year.
