Kyra Apartments presents a compelling acquisition opportunity: 10 brand-new, townhome-style units in San Diego’s rapidly evolving Encanto neighborhood, delivering stable cash flow from day one with meaningful upside through organic rent growth.
Kyra Apartments is currently under construction with anticipated completion and delivery in Early Q2 2026. The property is being offered for sale prior to stabilization to allow investors to acquire at a favorable basis before full lease-up.
All financial figures presented in this memorandum are projected estimates based on current market conditions, comparable properties, and anticipated stabilized operations. Actual results will depend on market conditions at lease-up, final construction costs, and property management decisions.
The operating projections contained herein are estimates only and are based on assumptions regarding future market conditions and property performance. These projections are not guarantees. The property is being sold “as-is” and “where-is.” Buyers should conduct their own independent investigation and due diligence regarding all financial projections, property conditions, and market assumptions. Past performance of similar properties does not guarantee future results.
Prepared March 2026 by Blum Realty Group. All information deemed reliable but not guaranteed.
Every detail of Kyra Apartments has been designed to attract and retain quality tenants, with best-in-class finishes and lifestyle amenities that command premium rents.
9 market-rate + 1 affordable (deed-restricted). All 3BR/2BA, ~1,280 SF each, two-story townhome-style.
Each unit features its own private entrance, providing a single-family home feel within a multifamily community.
Secure, gated access with 22 on-site parking spaces (2.2 per unit), providing residents peace of mind and convenience.
Select units enjoy views of the Pacific Ocean, adding a premium lifestyle component to the living experience.
Full-size washer/dryer connections in every unit, eliminating the need for shared laundry facilities.
Pre-wired for high-speed internet connectivity throughout, meeting the demands of modern remote work lifestyles.
Wood-frame construction with modern stucco exterior, contemporary finishes, and energy-efficient systems throughout.
Generous lot provides comfortable spacing between units and ample room for parking and common areas.
Strategically positioned in one of San Diego’s most rapidly appreciating neighborhoods, Kyra Apartments offers convenient access to employment centers, transit, dining, and recreation.
The following pro forma reflects stabilized operations upon full lease-up, projecting strong cash flow with conservative underwriting assumptions.
| Line Item | Monthly | Annual | Per Unit |
|---|---|---|---|
| Revenue | |||
| Market Rent (9 units x $3,800) | $34,200 | $410,400 | $45,600 |
| Affordable Rent (1 unit x $1,875) | $1,875 | $22,500 | $22,500 |
| Gross Potential Rent | $36,075 | $432,900 | $43,290 |
| Less: Vacancy (5%) | ($1,804) | ($21,645) | ($2,165) |
| Effective Gross Income | $34,271 | $411,255 | $41,126 |
| Operating Expenses | |||
| Property Taxes (1.10%) | $5,729 | $68,750 | $6,875 |
| Management Fee (5%) | $1,714 | $20,563 | $2,056 |
| Repairs & Maintenance | $1,000 | $12,000 | $1,200 |
| Reserves | $667 | $8,000 | $800 |
| Insurance | $500 | $6,000 | $600 |
| Landscaping / Common Area | $417 | $5,000 | $500 |
| Trash | $180 | $2,160 | $216 |
| Admin / Misc | $167 | $2,000 | $200 |
| Total Operating Expenses | $10,373 | $124,473 | $12,447 |
| Net Operating Income (NOI) | $23,899 | $286,782 | $28,678 |
| Owner-Operated NOI (no mgmt.) | $25,612 | $307,345 | $30,735 |
Explore how changes in cap rate affect the implied property value. Drag the slider to model different market scenarios.
| Cap Rate | Implied Value (NOI) | Implied Value (Owner-Op) |
|---|---|---|
| 4.25% | $6,747,812 | $7,231,647 |
| 4.50% | $6,372,933 | $6,829,889 |
| 4.59% (Asking) | $6,250,000 | $6,698,148 |
| 4.75% | $6,037,516 | $6,470,421 |
| 5.00% | $5,735,640 | $6,146,900 |
| 5.25% | $5,462,514 | $5,854,190 |
Equal Housing Opportunity. Information deemed reliable but not guaranteed. Source: SDMLS.