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Hillcrest Multifamily and Retail Property

3852 3rd Ave, San Diego, CA 92103

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For Sale

$2,950,000

Seven-unit complex with retail space in vibrant Hillcrest location.

Type:Commercial

Property size:

6,178 SF

Lot size:

0.12 Acres

Price / SF:

$477/SF

HighLights

Approved plans and permits for two ADUs offer significant cash flow potential.
Prime Hillcrest location on 3rd Avenue boasts a Walk Score of 97.
Extensive renovations include new paint, dual pane windows, and upgraded unit interiors.
Fully replumbed in 2025 with ABS sewer mainline.
Desirable unit mix includes (2) 2‑Bdrm/2‑Bath, (4) 2‑Bdrm/1‑Bath units, and (1) street‑level retail space.
Includes (7) off‑street parking spaces and (1) single car garage.

We can help!

Listing Contact

Ben Sierpina

Learn more

For Sale

$2,950,000

Seven-unit complex with retail space in vibrant Hillcrest location.

Type:Commercial

Property size:

6,178 SF

Lot size:

0.12 Acres

Price / SF:

$477/SF

Added:: Apr 24, 2026
Days on Market:: 52
Last Refresh:: Apr 24 at 3:46 pm

Property Features for 3852 3rd Ave

General Information

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

We can help!

Listing Contact

Ben Sierpina

Listing agent Ben Sierpina License #02062416

Listing office Marcus & Millichap

Listing date Apr 24, 2026

Source Elliman

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

HighLights

Approved plans and permits for two ADUs offer significant cash flow potential.
Prime Hillcrest location on 3rd Avenue boasts a Walk Score of 97.
Extensive renovations include new paint, dual pane windows, and upgraded unit interiors.
Fully replumbed in 2025 with ABS sewer mainline.
Desirable unit mix includes (2) 2‑Bdrm/2‑Bath, (4) 2‑Bdrm/1‑Bath units, and (1) street‑level retail space.
Includes (7) off‑street parking spaces and (1) single car garage.

Overview

Located in the Hillcrest submarket of San Diego, the property at 3852 3rd Avenue is a seven-unit complex originally built in 1968. The 6,178 square foot complex sits 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 property has been extensively renovated in recent years, including new exterior paint, dual-pane vinyl windows, and a new gated entry with a security system. The building was fully replumbed in 2025, and the sewer mainline is ABS. All six apartment units have undergone extensive interior renovations in recent years, 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 been updated with in-unit stackable washer/dryers. All units are equipped with A/C systems (mini-split and wall-mounted units). Tenants utilize seven off-street parking spaces and one single-car garage. Approved plans and permits have been obtained to convert the garage into one studio ADU and the carport to one 1-bedroom/1-bath ADU.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

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

Location Insight

Map
Local Demand

City: San Diego
County: San Diego
State: California
Longitude: -117.163078
Latitude: 32.747882

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For sale
Apartment buildings
CA
San Diego
92103
3852 3rd Ave

What type of property is this?

Apartment building - Seven-unit complex with retail space in vibrant Hillcrest location.

Where is this apartment building located?

The property is located at 3852 3rd 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: Approved plans and permits for two ADUs offer significant cash flow potential.; Prime Hillcrest location on 3rd Avenue boasts a Walk Score of 97.; Extensive renovations include new paint, dual pane windows, and upgraded unit interiors.

3852 3rd Ave, San Diego, CA 92103

Seven-unit complex with retail space in vibrant Hillcrest location.

Property Features for 3852 3rd Ave

General Information

We can help!

HighLights

Overview

Local Financial Insights For Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Freestanding Commercial Building on University

San Diego Multifamily Investment Opportunity

Well-Maintained Duplex with Detached Garages

Hillcrest Multifamily Investment Opportunity

San Diego Retail Auto Facility

Townhome-Style Multifamily Property

Mixed-Use Corner Property with Office

Residential Income Quadplex Opportunity

Renovated Duplex with Private Yards

Retail Opportunity Near Ocean Beach

Renovated Triplex with ADU Potential

Linda Vista Multifamily Investment Opportunity

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