3967-69 8th Avenue, San Diego, CA 92103
Offer Price:
$2,100,000
Cap Rate:
3.96%
Price/SF:
$575.34
Price/Unit:
$420,000
Gross Building Area:
3,650 SF
Lot Size:
4,499 SF
Status:
Active
Submarket:
Coastal, Central
Property Type:
Apartments
Strategy:
Core
Located in the heart of San Diego’s vibrant Hillcrest neighborhood, the property at 3967-69 8th Avenue, San Diego, California, offers an exciting opportunity for investors seeking a five-unit multifamily property. Constructed in 1931, this building combines historical charm with significant potential for modernization or value-add improvements. The property sits on a 0.10-acre lot, with a total of 3,650 square feet of building space, delivering an average of approximately 730 square feet per unit.
The property is in average condition, reflecting a mix of its original 1930s design and more recent updates. While functional and fully operational, there may be opportunities to enhance the property with modern finishes, updated appliances, or efficiency improvements to align with tenant expectations in this high-demand rental market. This makes the property appealing to value-driven investors who recognize the potential for increasing rents through thoughtful upgrades.
Hillcrest is renowned for its walkability, eclectic dining scene, and proximity to Downtown San Diego, Balboa Park, and major employment hubs. The small lot size of 0.10 acres is typical for this dense urban setting, but it offers ample potential for maximizing income through creative utilization of the existing space. Whether targeting long-term tenants or shorter-term rental opportunities, the property’s central location and the enduring appeal of Hillcrest position it as a promising investment.
Listed By:
Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 945-7094