Hillcrest Multifamily Investment
1751 University Ave San Diego, CA 92103
1751 University Ave, San Diego, CA, 92103
$19,000,000
For Sale
$19,000,000
58-unit apartment complex in San Diego's desirable Hillcrest neighborhood.
Property Size41,330 SF
Lot Size0.30 Acres
Price / SF$459.71
Days on Market110
Property Features for 1751 University Ave
General Information
- Standard status
- Active
- Size
- 41,330 SF
- Lot size
- 0.30 Acres
- Property subtype
- Multifamily
Listing agency
Marcus & Millichap
(858) 373-3215
Listed by
Ben Sierpina · License #License(s): CA: 02062416
(858) 373-3215
Source
Marcusmillichap
Added: Apr 3 Updated: Jul 10 at 1:15PM Checked: Jul 21 at 3:02AM
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
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.
Local 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 | $1.31M | $31.80 |
| − Vacancy | −$72.3k | −$1.75 |
| EGI | $1.24M | $30.05 |
| − OpEx | −$558.9k | −$13.52 |
| NOI | $683.1k | $16.53 |
41,330 SF · lease $31.80/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$9.76M
$8.54M – $11.39M
NOI $683,104 @ 7.0% cap · market cap 3.60%
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 6.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The Marquis at Hillcrest Historic ...
Apartment Building
English House Immersion
Training Center
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FAQs
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 $19,000,000.
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.
