Description

THE GEMMA is a 32-unit multifamily property for sale at 185 Saxony Road in Encinitas, CA. Renovated in 2025, the community pairs a coastal location with an established residential footprint, giving investors a defined apartment offering rather than a development proposition.

Built in 1988, the Property spans 18,690 SF on 1.12 acres. Its unit mix includes one-bedroom flats and two-bedroom townhomes, giving residents a choice between apartment and townhouse layouts. The 2025 improvements include renovated kitchens and bathrooms, quartz countertops, new roofing and plumbing supply lines. In-unit laundry supports everyday convenience, while assigned parking or garages give residents a dedicated place to park. The property has 47 Spaces, including garages and surface parking.

Moonlight State Beach is 0.8 miles away, and Downtown Encinitas is under 1 mile from the Property. Those destinations put beach access, shops and restaurants close to the residential experience. Interstate 5 connects Encinitas with the wider area, while the Property’s Saxony Road address places it near Encinitas Boulevard. For an investor, the location gives the apartment offering a clear coastal identity grounded in proximity to named destinations.

The asking price is $20,100,000, or $628,125 per unit and $1,075 PSF. In-place NOI is $873,553 at a 4.35% in-place cap rate, with a GRM of 16. Together, the unit mix, completed renovation and in-place income give buyers concrete bases for underwriting the acquisition. The Offering Materials are the next step for a closer review of THE GEMMA.