Hillcrest Multifamily Investment
For Sale
$4,799,000
3939 7th Ave, San Diego, CA 92103
Sixteen renovated studios near Whole Foods and Scripps Mercy Hospital.
Property Size8,568 SF
Lot Size0.13 Acres
Price / SF$560.11
Days on Market241
Property Features for 3939 7th Ave
General Information
Standard status
Active
Size
8,568 SF
Lot size
0.13 Acres
Property subtype
Multi-Family
Listing Agency:
NorthMarq Multifamily
Listed By:
Benn Vogelsang BennVogelsang@gmail.com · License #01883437
(415) 250-4947
Source:
Viewsandiegorealestate
Added: Feb 17
Changed: Oct 1
Last Checked: Oct 16 at 8:59AM
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
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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'.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,612
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,832,240
$2.8M
Cap Rate 7%
$2,023,029
$2.0M
Cap Rate 9%
$1,573,467
$1.6M
Market Conditions
NOI Build-Up for 8,568 SF
Gross rent
$272.5K $31.80/SF
− Vacancy
−$15.0K −$1.75/SF
EGI
$257.5K $30.05/SF
− OpEx
−$115.9K −$13.52/SF
NOI
$141.6K $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%
$2,832,240
Cap Rate 7%
$2,023,029
Cap Rate 9%
$1,573,467
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.77M – $2.36M
NOI $141,612 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.38M
$2.96M – $3.95M
NOI $236,888 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,633
Businesses Nearby
Explore this area
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
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 $4,799,000.
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'.**
