The Bove Group is proud to present Cereza Apartments, an exceptional opportunity to acquire a newly constructed, 11-unit multifamily community in the rapidly transforming Lincoln Park neighborhood of San Diego. Completed between 2023 and 2025, this modern asset combines sleek contemporary design with strong in-place income and virtually zero operational headaches, making it an ideal addition to any portfolio. Perched on a 10,085 SF lot and spanning approximately 8,380 SF of rentable space, Cereza Apartments offers investors rare access to a stabilized new construction asset in a central San Diego location poised for long-term growth. The unit mix—comprised of (3) 1BD/1BA, (4) 2BD/1BA, and (4) 2BD/2BA apartments—is thoughtfully designed for market demand and leasing efficiency. Five units are delivered fully furnished, creating optionality for both traditional long-term tenants and higher-yield furnished or mid-term leasing strategies. Investment Highlights: - 5.43% Capitalization Rate: Strong existing cash flow with upside potential - New Construction (2023/2025): Fully exempt from statewide rent control (AB-1482) - Low Maintenance Ownership: No deferred maintenance and modern building systems - Tax-Advantaged Depreciation: Cost segregation opportunities with new construction - Desirable Tenant Amenities: In-unit laundry, walk-in closets (select units), private balconies, and mini-split HVAC systems - Secured Entry & Parking: Gated access, on-site designated parking, smoke- and vapor-free community With fully leased units and a stabilized tenant base, Cereza offers predictable income from day one while minimizing management intensity. The gated community, durable building materials, and efficient systems (including new electrical, plumbing, and HVAC) are designed to reduce long-term capital expenditures and protect asset value. Location Overview: Lincoln Park is emerging as one of San Diego’s most compelling growth corridors. Located just minutes from Downtown and central job centers, the area is undergoing significant public and private investment in infrastructure, housing, and commercial development. Easy access to major freeways and public transportation further supports renter demand and sustained occupancy. Unlike other more saturated urban submarkets, Lincoln Park still offers affordable entry pricing, less competitive inventory, and a clear path to appreciation. Proximity to: - Downtown San Diego (±15 minutes) - SDSU Mission Valley Campus - Naval Base San Diego & other major employers - I-805, SR-94, and I-15 freeway access - Public transit and bus lines - Local schools, shopping centers, and community parks