Sold Price:

$6,050,000

Current Cap Rate:

4.28%

Price/SF:

$383.32

Price/Unit:

$403,333

Gross Building Area:

15,783 SF

Lot Size:

10,647 SF

Status:

Closed

Submarket:

Central

Property Type:

Apartments

Strategy:

Value-Add

The Bove Group is pleased to present 4043 1st Avenue, a stunning 15-unit apartment building located in the heart of the vibrant Hillcrest neighborhood in San Diego. This well-designed multi-family property offers a unit mix of six (6) spacious one-bedroom, one-bathroom units, and nine (9) comfortable two-bedroom, two-bathroom units, perfect for individuals, couples, or families. Renovating these apartment units can be a strategic way to generate higher rental income by charging premium rents that exceed the current asking rents for the dated units.

This impressive property boasts a range of desirable features, including two spacious common area laundry rooms for ultimate convenience. In addition, three-owner storage closets provide ample space for storing building necessities. The exterior maintenance room and boiler room ensure that the property is well-maintained and running efficiently. For those who enjoy cycling, there is a bicycle storage rack available.

For added peace of mind, the video monitor system and secure front and rear access provide enhanced security measures for the building. Overall, this property offers an exceptional living experience with numerous amenities for comfortable and secure living.

Residents will enjoy the convenience of parking, easy access to public transportation, trendy cafes, restaurants, and shops in the Hillcrest area. This prime location is also within walking distance to Balboa Park and the San Diego Zoo.

4043 1st Avenue offers an incredible opportunity for investors and residents alike to experience the ultimate in modern living in the heart of San Diego’s most sought-after neighborhood.

Listed By:

Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 945-7094