San Diego County 11+ Unit Multifamily Sales – Mid-Year 2025 Market Update
This report covers all 11+ unit multifamily sales in San Diego County from January 1, 2024, through July 24, 2025. While it includes every area in the county, far-flung cities like Campo and Guatay are not represented enough to skew the data. Most sales are concentrated in San Diego proper and other investor-favored submarkets, providing a strong read on pricing, demand, and transaction velocity.
Market Overview
- Average Price Per Door: 2024 – $321,137 → 2025 YTD – $304,014 (≈ -5.3%)
- Reported Cap Rate: 4.81%
- Reported GRM: 13.43
- Average Vacancy (reported): 5.1%
- Average Unit Size (reported): 810 SF
- Average FAR (reported): 0.99 (outliers removed)
The average reported FAR was 0.99, meaning most properties are built to nearly their full allowable density under current zoning—typical for dense, investor-favored neighborhoods. n more suburban or value-add corridors (like City Heights or Oceanside), FARs often come in lower—more parking, less vertical buildout.
Pacing: 2025 YTD transactions are at 56.4% of 2024’s volume by the same date, suggesting a moderate slowdown but continued liquidity for well-positioned properties.
Sales Volume & Unit Count
2024: 101 transactions / 7,546 units sold
2025 YTD: 59 transactions / 4,044 units sold
→ Activity is tracking at 56.4% of 2024 levels by late July.
Small to mid-sized assets (11–25 units) are selling faster and more often compared to larger buildings, while larger transactions often attract institutional or national buyers and face more underwriting scrutiny.
Vacancy & Operations
-
Core/Downtown assets: Often under 4% vacancy.
-
Value-add corridors (City Heights, National City): Wider vacancy spreads due to turnover and renovations.
Buyer & Seller Trends
- Buyer Origin: Heavily skewed to local and in-state investors, with national capital targeting coastal/downtown assets.
- Seller Origin: Out-of-state sellers are common in larger urban trades, often as part of portfolio pruning or recapitalization.
-
Institutional/National Buyers: Concentrated in high-unit-count sales downtown and in coastal markets.
San Diego 11+ Unit Multifamily Sales Top ZIP Code Performance
92103 – Hillcrest / Mission Hills
-
17 sales / 638 units
-
Avg PPU: $349,600 | Cap: 4.46% | GRM: 14.0
-
Vacancy: 7.7% | Avg Unit: 624 SF
-
Buyer mix: Mostly local; 41% of sellers out-of-state
92101 – Downtown
-
12 sales / 2,351 units
-
Avg PPU: $337,100 | Cap: 4.73% | GRM: Unknown
-
Avg Unit: 756 SF
-
75% of sellers out-of-state
92109 – Pacific Beach
-
10 sales / 161 units
-
Avg PPU: $394,500 | Cap: 3.26% | GRM: 18.65
-
Avg Unit: 805 SF
92054 – Oceanside
-
7 sales / 149 units
-
Avg PPU: $346,000 | Cap: 3.94% | GRM: 15.69
92105 – City Heights
-
6 sales / 128 units
-
Avg PPU: $211,900 | Cap: 5.57% | GRM: 11.18
-
Avg Unit: 733 SF
Notable Transactions Since Jan 1, 2024
-
100 Park Plz (92101) – 718 units – $309.0M – Jan 2025
-
1401 Union St (92101) – 395 units – $283.0M – Dec 2024
-
12520 Camino del Sur (92129) – 342 units – $238.0M – Jun 2025
-
10201 Camino Ruiz (92126) – 352 units – $193.7M – Feb 2025
-
1774 Metro Ave (91910) – 480 units – $185.0M – Nov 2024
-
1401 N Melrose Dr (92083) – 290 units – $125.75M – Nov 2024
Outlook for the Rest of 2025
-
Cap Rates: Likely to remain in the high-4% to low-5% range, with coastal GRMs staying elevated.
-
Velocity: Selective but competitive—quality, financeable listings move quickly.
-
Strategy: Price to align with lender underwriting (1.20 DCR), present a clear CapEx scope, and market aggressively to both local and national buyer pools.
Summary
San Diego’s 11+ unit market is in a measured rebalancing phase—prices have softened slightly, cap rates have edged up, but buyer demand remains healthy.
-
Most Liquid Segment: 11–25 unit assets
-
Institutional Play: Larger portfolios and coastal high-rises
-
Key to Success: Proper pricing, financing alignment, and broad marketing reach.
The information in this blog is for general informational purposes only and should not be your sole basis for financial or investment decisions. While ACI Apartments uses reliable sources for data and analysis, you should verify all information independently. This blog is not a comprehensive report on all changes to local, state, or federal laws affecting property owners and managers. Laws may have changed or been misinterpreted since publication. Always consult legal counsel or a licensed CPA before making decisions. ACI Apartments is not liable for actions taken based on this content.