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Average sales price per unit now stands at $118,000 countywide, numbers not seen since 2003-2004. Rental rates though are holding up remarkably well at $1.53/SF and an overall vacancy rate of 4.4% is very strong and down from March 2009, where the number stood at 5.3%.
San Diego continues to be one of the healthiest and more desirable apartment markets in the country. Cap rates in the 6.5% to 7.5%-plus range are achievable. Even though proposed new development is up somewhat, new construction is generally not viable at today’s prices. Most transactions are being done at prices that are substantially below replacement costs.
Contact Peter Scepanovic at 760.930.7940 for more information.
  San Diego Multi-Family Market Report - Fall 2009.pdf
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