The Arthur Apartments, a value-add opportunity of a well-maintained building consisting of 18 apartments and 2 retail spaces located one block from the Gaslamp District. The property was extensively renovated in 2000 and there is solid upside in rents through minor updates to the kitchenettes, baths and common areas and moving the rents up to market.
Located in the heart of Downtown San Diego, 728 Market is in a vibrant urban neighborhood with excellent areas, convenient transit options and easy access to employers in Downtown and other employment centers. The Downtown market is seeing strong growth of new hotels, office buildings and luxury apartments. Directly across from 728 Market, Cisterra Development is building a new Ritz Carlton hotel and a Gelson’s Market. That project will also include 153,000 sf of new office space and high-end apartments. Three blocks east, UCSD College is opening a Downtown branch adjacent to the Trolley Station.
The buyer of 728 Market St will enjoy a long term competitive advantage by offering tenants updated apartments at an achievable price point in an unbeatable location. This neighborhood has shown strong rent growth and demand from tenants and investors. With an outstanding location, solid market fundamentals and vibrant neighborhood amenities, 728 Market St is an excellent investment.