The two-property offering spans nearly 53,700 square feet with full occupancy and a 6.39 percent cap rate
NorthMarq has brought to market a 94-unit seniors apartment portfolio in San Ysidro, the southernmost neighborhood of San Diego, priced at $20.5 million. The offering comprises two adjacent complexes — Vista del Rio and Vista Del Pacifico — and is being marketed by Benn Vogelsang of NorthMarq’s San Diego office. According to public property records, the current owner is San Ysidro Development Co.
The portfolio totals approximately 53,617 square feet across eight buildings on a combined lot of nearly 147,232 square feet. At the asking price, the deal pencils at approximately $382 per square foot and $218,085 per unit. According to the marketing flyer, the properties are currently 100 percent occupied and generating a net operating income of $1,310,357, translating to a going-in cap rate of 6.39 percent. The pro-forma cap rate is projected at 6.83 percent, with estimated pro-forma NOI of $1,400,000.
Vista Del Pacifico is the larger of the two assets, a 61-unit complex built in 1978 and situated on a 116,740 square foot lot. The property features six residential buildings with sixty one-bedroom, one-bathroom units of approximately 525 square feet each, plus a three-bedroom, two-bathroom manager’s unit. Marketing materials point out that the complex features panoramic views of the Pacific Ocean, Tijuana, and San Ysidro from its elevated position in the neighborhood. Capital improvements include a full roof replacement completed in 2014 along with new gutters and upgraded drainage. The property also features cisterns on each building that collect rainwater for irrigation, 40 gated parking spaces with a recently resurfaced lot, a laundry facility, and an on-site manager’s office and workshop.
Vista del Rio, a 33-unit complex built in 1987, sits on a 30,492 square foot lot. The stucco and frame structures span approximately 18,400 square feet across two stories with pitched roofs and include 21 parking spaces, a laundry room, storage areas, and an on-site manager’s office and workshop. Both properties have received recent upgrades to fencing, landscaping, and signage, and all units include private patio areas.
The portfolio’s Class C designation and its location in the South San Diego submarket position the offering squarely within a product segment that has historically driven investment sales activity in the metro. Class B and Class C properties have accounted for more than 80 percent of multifamily transactions in San Diego since 2018, and these asset classes are expected to post the strongest rent gains and tightest vacancies in the current cycle, according to NorthMarq research. The portfolio’s full occupancy at the time of listing underscores that dynamic.
The offering comes as San Diego’s multifamily investment market continues to recover from several years of subdued deal volume. The number of properties that traded in 2025 was 13 percent greater than the 2024 figure, though sales activity remains approximately 21 percent below the annual average recorded between 2015 and 2019, based on NorthMarq’s annual San Diego multifamily outlook. The pace of multifamily sales is forecast to continue rising in 2026, with activity potentially approaching historical benchmarks by 2027, the report noted.
In addition, the cap rate on the Vista del Rio and Vista Del Pacifico portfolio stands notably above what the broader market has recorded in recent years. Cap rates in San Diego have held steady at approximately 4.5 percent on average for the third consecutive year in 2025 and are unlikely to record significant movement in either direction in 2026, according to NorthMarq. The 6.39 percent going-in rate on this offering reflects the portfolio’s Class C positioning, vintage, and South County location.
San Ysidro’s proximity to transit, retail, and healthcare infrastructure should add to the portfolio’s investment appeal. Both properties are located near bus and trolley transit, the San Diego Public Library, and the San Ysidro Health Center, which overlooks the Vista Del Pacifico site. The listing agent has designated both properties stabilized investments, and the combination of in-place cash flow, recent capital improvements, and 100 percent occupancy positions the portfolio as a turnkey acquisition for buyers seeking immediate yield in a supply-constrained submarket.
