Hillcrest Multifamily Investment
3409-21 5th Avenue San Diego, CA 92103
For Sale
$2,295,000
MULTI_FAMILY - San Diego, CA
Property Size4,148 SF
Lot Size0.12 Acres
Price / SF$553.28
Days on Market106
Property Features for 3409-21 5th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Bathrooms
239
Standard status
Active
APN
452-555-05-00
Size
4,148 SF
Lot size
0.12 Acres
Building Details
Floors in Building
2
Number of units
6
Listing Agency:
RBV Properties, Inc.
(619) 624-2052
Listed By:
Bond Schoeffel · License #01195142
(619) 994-4044
Added: Apr 15
Changed: Jun 4
Last Checked: Jul 29 at 5:06AM
MLS# 260008934
Copyright © 2026 San Diego MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This classic 6-unit apartment building is located in San Diego's Hillcrest/Uptown submarket, offering visibility along a high-traffic corridor and proximity to Balboa Park. Situated in a walkable neighborhood, it benefits from consistent demand and is close to shops, restaurants, residential developments, and transit. The building consists of approximately 4148 square feet and includes two studios, two 1-bedroom/1-bathroom units, one 2-bedroom/2-bathroom unit, and one 3-bedroom/1-bathroom unit. All units feature private in-unit laundry. The lot size is approximately 5050 square feet. Zoned commercial CC-3-9, the property has potential for rental income growth or future redevelopment, including maximizing Complete Communities incentives. Convenient access to I-5, I-163, I-8, and Downtown San Diego is provided. This property presents an investment opportunity in one of San Diego's active urban markets.
Key Highlights
- Prime Hillcrest/Uptown location with excellent visibility and high‑traffic exposure.
- Located in a vibrant, walkable neighborhood near shops, restaurants, and Balboa Park.
- All units feature private in‑unit laundry.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $131.9k | $31.80 |
| − Vacancy | −$7.3k | −$1.75 |
| EGI | $124.7k | $30.05 |
| − OpEx | −$56.1k | −$13.52 |
| NOI | $68.6k | $16.53 |
4,148 SF · lease $31.80/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$979.4K
$857.0K – $1.14M
NOI $68,558 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.64M
$1.43M – $1.91M
NOI $114,684 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Classic 6-unit apartment building in San Diego's vibrant Hillcrest neighborhood.
Where is this apartment building located?
The property is located at 3409-21 5th Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Prime Hillcrest/Uptown location with excellent visibility and high‑traffic exposure.; Located in a vibrant, walkable neighborhood near shops, restaurants, and Balboa Park.; All units feature private in‑unit laundry.
