The recently renovated Class C property at 509 Park Blvd, originally built as the Bay View Hotel in the late 19th century, is priced at approximately $251,000 per unit
A 71-unit apartment building in San Diego’s East Village neighborhood has been listed for sale at $17.85 million, offering investors a renovated historic asset in one of downtown’s most active residential corridors. The property at 509 Park Blvd is marketed by Colliers, with Peter Scepanovic and Corey McHenry handling the listing. The seller is WLA Investments.
Marketing materials show that the three-story, Class C building totals 32,750 square feet on a 16,610-square-foot lot. At the listed price, the offering pencils at approximately $545 per square foot and roughly $251,000 per unit, with a stated capitalization rate of 6 percent. The property was originally constructed in 1869, according to listing data, and underwent a comprehensive renovation between 2023 and 2025. Rental listings indicate units range from approximately 162 to 391 square feet, with asking rents starting around $1,495 per month.
The asset carries notable historic significance in the East Village. According to the property’s marketing materials, the building was originally erected as the Bay View Hotel, a period landmark in downtown San Diego. The recent renovation blended the structure’s Victorian-era architectural elements with contemporary finishes, converting the building into a studio-oriented apartment community.
The 509 Park Blvd property’s East Village location places it adjacent to Petco Park and the Park & Market trolley station, providing direct transit access across San Diego.
“Located in East Village, a vibrant hub of cultural events, festivals, and art exhibitions, 509 Park offers a prime urban lifestyle,” brokers stated in the marketing flyer. “The neighborhood is home to the San Diego Padres’ Petco Park and provides a dynamic mix of residential, commercial, and cultural opportunities.”
The 6 percent cap rate is notably above the San Diego multifamily market average. Cap rates across the metro have held steady at approximately 4.5 percent for three consecutive years, with most transactions recording rates between the low-4 percent and low-5 percent range, according to a February 2026 NorthMarq multifamily report. The higher cap rate on the 509 Park Blvd offering likely reflects the property’s Class C designation and smaller unit configurations relative to newer construction.
The listing arrives alongside a handful of other multifamily offerings in the San Diego market. Earlier this month, NorthMarq brought to market a 94-unit seniors apartment portfolio in San Ysidro, the southernmost neighborhood of San Diego, priced at $20.5 million, or approximately $218,000 per unit. That portfolio totals roughly 53,617 square feet across eight buildings for San Ysidro Development Co. Separately, a 58-unit apartment building in San Diego’s Hillcrest neighborhood at 1751 University Ave. was listed for $20 million, translating to approximately $344,800 per unit and $484 per square foot. That six-story, Class C building was built in 1921 and most recently renovated in 2008 and 2025.
At roughly $251,000 per unit, the 509 Park Blvd offering represents one of the lower per-unit price points among recent sizable multifamily listings in urban San Diego, though the building’s smaller studio-format units account for much of the differential. By comparison, the citywide median price per unit dropped to $320,196 in the fourth quarter of 2025, a 23 percent year-over-year decline, according to Kidder Mathews’ Q4 2025 San Diego Multifamily Market Report. In general, San Diego’s multifamily market continues to absorb elevated levels of new supply. Total deliveries during the past year were up 52 percent from 2024, with projects totaling roughly 6,400 units coming online, based on NorthMarq’s February 2026 report. Vacancy increased slightly to 5.4 percent in the fourth quarter of 2025, up 60 basis points year over year, while average asking rents held essentially flat at $2,391 per month.
