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 Market203
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:
San Diego Downtown Office
(858) 373-3200
Listed By:
Ben Sierpina · License #CA: 02062416
(858) 373-3215
Source:
Marcusmillichap
Added: Apr 3
Changed: Oct 21
Last Checked: Oct 20 at 5:08PM
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 San Diego Downtown Office
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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 / Yr
$683,104
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,325
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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.
