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    Hillcrest Mixed-Use Investment Opportunity Title is generated by Realmo AI

    3852 Third Ave, San Diego, CA 92103

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    For Sale
    $2,950,000

    Renovated 7-unit complex with retail space in prime location.

    Type:Multifamily
    Property size:
    6,178 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $477/SF
    Added:
    Apr 3, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 3 at 5:02 am

    Property Features for 3852 Third Ave

    General Information

    Standard status
    Active
    Size
    6,178 SF
    Lot size
    0.12 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Ben Sierpina

    Listing agent Ben Sierpina License #CA: 02062416

    Listing office San Diego Downtown Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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

    HighLights

    • Prime Hillcrest location with a Walk Score of 97, steps away from shops and restaurants on University Avenue.
    • Approved plans and permits for two ADUs (1 studio and 1 one‑bedroom) to significantly increase cash flow.
    • Extensive renovations including new paint, dual pane windows, gated entry with security system, and replumbing (2025).
    • Interior unit upgrades include LVP flooring, upgraded cabinets, granite countertops, new appliances, and modernized bathrooms.
    • Stable market rents with potential for future increases.
    • Convenient access to major employment centers (UC San Diego/Scripps Mercy Hospital, Downtown, Mission Valley) and freeways (I‑5 and 163).

    Overview

    Located in the Hillcrest submarket of San Diego, the property at 3852 3rd Avenue is a 7-unit complex originally built in 1968 and extensively renovated. The property, totaling approximately 6,178 square feet, is situated on a 5,317 square foot lot along 3rd Avenue. The unit mix includes two 2-bedroom/2-bath units, four 2-bedroom/1-bath units, and one street-level retail space. The exterior features new paint, dual-pane vinyl windows, and a new gated entry with a security system. The building was fully replumbed in 2025. All six apartment units have undergone extensive interior renovations, including LVP flooring, upgraded cabinets, granite countertops, new appliances, and modernized bathrooms. Four units feature new mini-split A/C systems, and two units have also been updated with in-unit stackable washer/dryers. All units are equipped with A/C systems (mini-split and wall-mounted units), and two units have also been updated with in-unit stackable W/D. Tenants utilize seven off-street parking spaces and one single-car garage. Approved plans and permits, with all permit fees paid, are in place to convert the garage into one studio ADU and the carport into one 1-bedroom/1-bath ADU. The property is located near University Avenue, UC San Diego/Scripps Mercy Hospital, Downtown, and Mission Valley. Interstate 5 and 163 Freeway are easily accessible.

    Local Financial Insights For Retail

    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 $222.4k $36.00
    − Vacancy −$9.4k −$1.52
    EGI $213.0k $34.48
    − OpEx −$63.9k −$10.35
    NOI $149.1k $24.14
    6,178 SF · lease $36.00/SF/yr · vacancy 4.21% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $2.13M
    $1.86M – $2.49M (±1% cap)
    NOI $149,131 @ 7.0% cap · market cap 5.06%
    Second Best
    Apartment 5plus
    $1.46M
    $1.28M – $1.70M (±1% cap)
    NOI $102,110 @ 7.0% cap · market cap 3.46%
    Theoretical Best
    Specialty Retail
    $2.44M
    $2.14M – $2.85M (±1% cap)
    NOI $170,809 @ 7.0% cap · market cap 5.79%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Beauty Day Spa Alternative Medicine Practice Hair Specialist Carlos ... Hair Salon Donebyroger Hair Salon

    Suggested Use

    Restaurant Law Firm Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.163078
    Latitude
    32.747882

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    FAQs

    What type of property is this?
    Apartment building - Renovated 7-unit complex with retail space in prime location.
    Where is this apartment building located?
    The property is located at 3852 Third Ave San Diego, CA.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: Prime Hillcrest location with a Walk Score of 97, steps away from shops and restaurants on University Avenue.; Approved plans and permits for two ADUs (1 studio and 1 one‑bedroom) to significantly increase cash flow.; Extensive renovations including new paint, dual pane windows, gated entry with security system, and replumbing (2025).
    (858) 373-3215
    We can help!
    Listing Contact
    Ben Sierpina
    Real Estate License ID: CA: 02062416
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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