Hillcrest Multifamily Investment
3939 7th Ave San Diego, CA 92103
3939 7th Ave, San Diego, CA, 92103
$4,900,000
For Sale
$4,900,000
Sixteen renovated studios near Whole Foods and Scripps Mercy Hospital.
Property Size8,568 SF
Lot Size0.13 Acres
Price / SF$571.90
Days on Market94
Property Features for 3939 7th Ave
General Information
- Standard status
- Active
- Size
- 8,568 SF
- Lot size
- 0.13 Acres
- Property subtype
- Commercial
Listing Agency
NorthMarq Multifamily
(415) 250-4947
Listed by
Benn Vogelsang · License #01883437
(415) 250-4947
Source
Elliman
Added: Apr 15 Checked: Jul 17 at 6:09 am
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 NorthMarq Multifamily
Investment Insights
Based on property information with market context.
Located in the heart of Hillcrest, La Palma at 3939 7th Avenue is a multifamily property featuring sixteen 500-square-foot studios. Constructed in 1928, the 8,568-square-foot building is situated on a 5,697-square-foot lot. The units have been renovated and include faux hardwood floors, brushed nickel fixtures, stainless steel appliances, new cabinets, quartz countertops, spacious floorplans, in-unit laundry, and full closets. The property includes interior common hallways, rooftop storage, and on-site laundry facilities. Current rents can be increased to market rates, supplemented by utility billback income. The property is located across from Whole Foods and blocks from Scripps Mercy Hospital and the shopping, entertainment, business, and transit options on University Avenue. The location has a walk score of 97, a bike score of 77, and a transit score of 52.
Key Highlights
- Prime location in Hillcrest, across from Whole Foods and close to Scripps Mercy Hospital, University Avenue shopping, entertainment, and transit.
- Fully renovated studios with faux hardwood floors, stainless steel appliances, quartz countertops, and in‑unit laundry.
- Strong walk score of 97, designated as a 'Walker's Paradise'.
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 | $272.5k | $31.80 |
| − Vacancy | −$15.0k | −$1.75 |
| EGI | $257.5k | $30.05 |
| − OpEx | −$115.9k | −$13.52 |
| NOI | $141.6k | $16.53 |
8,568 SF · lease $31.80/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.77M – $2.36M
NOI $141,612 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.38M
$2.96M – $3.95M
NOI $236,888 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Sixteen renovated studios near Whole Foods and Scripps Mercy Hospital.
Where is this apartment building located?
The property is located at 3939 7th Ave San Diego, CA.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Prime location in Hillcrest, across from Whole Foods and close to Scripps Mercy Hospital, University Avenue shopping, entertainment, and transit.; **Fully renovated studios with faux hardwood floors, stainless steel appliances, quartz countertops, and in‑unit laundry.**; **Strong walk score of 97, designated as a 'Walker's Paradise'.**
