4578 Jicarillo Ave, Clairemont/Bay Park, CA 92117

Property Description

New reduced price! We are pleased to present 4578 Jicarillo Ave, a newly constructed, fully stabilized 13-unit multifamily asset positioned along the canyon edge in the highly sought-after Bay Ho submarket of San Diego. Completed in 2025 and delivered fully leased, the Property offers contemporary design, serene natural surroundings, and immediate income in one of San Diego's most supply-constrained coastal neighborhoods. The community features sweeping westerly canyon views, an omnipresent coastal breeze, and picturesque vistas of Mt. Soledad – a setting virtually impossible to replicate in today's entitlement environment. The property provides scale in a quiet, central coastal pocket while remaining under the 16-unit threshold that triggers on-site management. Property consists of 12 one-bed/1-bath residences at 441 SF and a renovated 3-bed/2-bath single-family home at 1,324 SF – a rare configuration combining multifamily scale with standalone residential value on a 13,600 SF lot. Units feature 10-foot ceilings, quartz waterfall countertops, stainless steel appliances, in-unit washer/dryer, split-system HVAC, and private outdoor space. Current gross income totals $36,335/month ($436,020 annualized), pro forma of $37,700/month ($452,400 annualized) at market rents. Property is offered at $5,400,000 ($415k/unit), representing a 5.57% current cap rate (5.97% pro forma), based on current NOI of $300,814. Contact listing broker for OM and financials.