San Diego 39-Unit Apartment Property Sells for $11.2 Million at $287,200 Per Unit
San Diego, California | September 24, 2026: A 39-unit apartment property in San Diego's College East neighborhood has sold for $11.2 million, translating to approximately $287,200 per unit in a transaction that adds another multifamily sales benchmark to the city's rental housing market.
Known as The Molokai Apartments, the 32,200-square-foot property is located at 5055 73rd Street on approximately 0.99 acres, with access to Interstate 8 and nearby San Diego State University.
The Molokai Apartments Trades at $287,200 Per Unit
The property changed hands for $11.2 million, putting the transaction at roughly $287,200 for each of its 39 apartments.
Built in 1971, the community consists of:
- 27 one-bedroom, one-bathroom units
- 12 two-bedroom, two-bathroom units
The unit mix gives the property exposure to both smaller households and renters seeking larger two-bedroom apartments.
Location Near SDSU and Interstate 8
The Molokai Apartments is positioned close to San Diego State University and Interstate 8, providing connectivity to several major destinations across the city.
Nearby locations include:
- Downtown San Diego
- College Plaza
- Aztec Shopping Center
- Mission Trails Regional Park
- Cowles Mountain
- Lake Murray
For multifamily owners, the combination of university access and regional transportation can be an important factor in attracting renters.
Apartment Community Offers Multiple Amenities
The property includes several features designed to support its rental appeal.
Amenities include:
- Gated entry
- On-site storage
- Abundant off-street parking
- Private pool area
These existing features give the property an established amenity base following the transaction.
Why the Sale Matters for San Diego Multifamily
At $287,200 per unit, the transaction provides a useful benchmark for investors evaluating apartment communities in San Diego.
However, price-per-unit comparisons alone do not determine the value of a multifamily property. Investors also typically examine rents, occupancy, operating expenses, property condition, renovation requirements, location and potential future capital expenditure.
The property's proximity to San Diego State University and major transportation routes adds another factor when comparing it with other local apartment assets.
Buyer and Seller Details
The seller was Vista International Inc., which was represented by Austin Ray Huffman and Chris Zorbas of Marcus & Millichap's San Diego office.
The buyer was a private investor represented by Michael Wolf of Coldwell Banker West.
The transaction announcement did not disclose the buyer's planned renovation or operating strategy.
What This Means for Apartment Investors
The Molokai transaction gives owners and prospective buyers another recent data point for the College East and broader San Diego multifamily market.
When evaluating comparable properties, investors can use the $287,200-per-unit figure alongside property-specific factors such as:
- Unit mix
- Rent levels
- Proximity to universities and employment
- Transit accessibility
- Parking availability
- Existing amenities
- Building condition
What Happens Next
The private investor will take ownership of the 39-unit community, while the property's existing location and amenity profile remain central to its rental-market positioning.
The $11.2 million transaction adds to the growing set of multifamily sales benchmarks that can help establish pricing expectations for apartment assets across San Diego.