Hillcrest Multifamily Investment
For Sale
$18,500,000
1751 University Ave, San Diego, CA 92103
58-unit apartment complex in San Diego's desirable Hillcrest neighborhood.
Property Size41,330 SF
Lot Size0.30 Acres
Price / SF$447.62
Days on Market156
Property Features for 1751 University Ave
General Information
Standard status
Active
Size
41,330 SF
Lot size
0.30 Acres
Property subtype
Multifamily
Amenities
Highly Sought-After Hillcrest Location - Rarely Traded Asset Size of 58 Units
Historic 1920's Asset with Timeless Architectural Charm
Significant Upgrades Over The Years
Building Details
Building Size
41,330 SF
Units
58
Listing Agency:
Marcus & Millichap; 858-775-9825
Listed By:
Ben Sierpina · License #License(s): CA: 02062416
(858) 373-3215
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 7
Last Checked: Sep 5 at 3:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap; 858-775-9825
Investment Insights
Based on property information with market context.
The Marquis at 1751 University Avenue is a 58-unit multifamily property in the Hillcrest neighborhood of San Diego, California. Constructed in the 1920s, the well-maintained apartment complex sits on a 13,207-square-foot lot and offers approximately 41,330 square feet, with a large basement storage area. The property features a unit mix that includes 2 extra-large penthouse units with rooftop decks, 4 two-bedroom/two-bathroom units, 35 one-bedroom/one-bathroom units, and 9 studio apartments. A significant amount of upgrades have occurred over the years. Residents have access to amenities such as gated access, a fully equipped fitness center, a business center, additional storage, bicycle storage, in-unit fireplaces, and on-site laundry facilities. Located in Hillcrest, 1751 University Avenue benefits from walkability and access to the area’s attractions. It is located blocks away from Balboa Park and has access to the 163 freeway. With current rents below market value and renovation potential, this property represents a value-add opportunity for investors aiming to modernize interiors and boost cash flow.
Key Highlights
- Prime Hillcrest location with exceptional walkability and access to Balboa Park and the 163 freeway.
- Value‑add opportunity with below‑market rents and renovation potential to increase cash flow.
- Desirable unit mix including penthouse units with rooftop decks, two‑bedroom, one‑bedroom, and studio apartments.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$683,104
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,662,080
$13.7M
Cap Rate 7%
$9,758,629
$9.8M
Cap Rate 9%
$7,590,044
$7.6M
Market Conditions
NOI Build-Up for 41,330 SF
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.
Gross rent
$1.31M $31.80/SF
− Vacancy
−$72.3K −$1.75/SF
EGI
$1.24M $30.05/SF
− OpEx
−$558.9K −$13.52/SF
NOI
$683.1K $16.53/SF
Area
San Diego, CA
Vacancy
5.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,662,080
Cap Rate 7%
$9,758,629
Cap Rate 9%
$7,590,044
Alternative Uses
Best Use
Apartment 5plus
$9.76M
$8.54M – $11.39M
NOI $683,104 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$16.32M
$14.28M – $19.04M
NOI $1,142,692 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,325
Businesses Nearby
Explore this area
Business Placement
Demographics for 92103, CA
33,311
Population
21,363
Households
1.6
Avg Household Size
42
Median Age
63%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,003
Density / Sq Mi
$96,887
Median Household Income
$69,732
Median Earnings
$2,020
Median Rent
$986,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 58-unit apartment complex in San Diego's desirable Hillcrest neighborhood.
Where is this apartment building located?
The property is located at 1751 University Ave San Diego, CA.
What is the asking price?
The asking price for this property is $18,500,000.
What are key features of this property?
This property features: Prime Hillcrest location with exceptional walkability and access to Balboa Park and the 163 freeway.; Value‑add opportunity with below‑market rents and renovation potential to increase cash flow.; Desirable unit mix including penthouse units with rooftop decks, two‑bedroom, one‑bedroom, and studio apartments.
