Hillcrest Multifamily Investment
For Sale
Contact for pricing
3967-69 8th, San Diego, CA 92103
Five-unit property in Hillcrest near shops and dining.
Property Size3,600 SF
Price / SF$430.56
Days on Market301
Property Features for 3967-69 8th
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
4
Property subtype
Multifamily
Building Details
Buildings
2
Stories
2
Units
5
Listing Agency:
Hacienda Realty
(619) 417-4493
Listed By:
Christamaria Ormsby · License #01414321
Source:
Crexi
Added: Oct 17, 2025
Changed: Aug 8
Last Checked: Aug 12 at 5:38AM
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 Hacienda Realty
Investment Insights
Based on property information with market context.
Located in Hillcrest, this property offers convenient access to Whole Foods, Better Buzz, shops, and dining. The property consists of two buildings featuring two studios, two one-bedroom units, and one two-bedroom home. There is an opportunity to purchase adjoining parcels for developers looking to expand and develop a larger complex, potentially up to 160 units. This five-unit property presents a new construction opportunity.
Key Highlights
- Prime Hillcrest location: One block from Whole Foods, Better Buzz, shops, and dining.
- Development opportunity: Option to purchase adjoining parcels for a larger complex (potential for up to 160 units).
- New construction potential: Surrounded by new construction opportunities.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$59,501
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,190,020
$1.2M
Cap Rate 7%
$850,014
$850.0K
Cap Rate 9%
$661,122
$661.1K
Market Conditions
NOI Build-Up for 3,600 SF
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.
Gross rent
$114.5K $31.80/SF
− Vacancy
−$6.3K −$1.75/SF
EGI
$108.2K $30.05/SF
− OpEx
−$48.7K −$13.52/SF
NOI
$59.5K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,190,020
Cap Rate 7%
$850,014
Cap Rate 9%
$661,122
Alternative Uses
Best Use
Apartment 5plus
$850.0K
$743.8K – $991.7K
NOI $59,501 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.42M
$1.24M – $1.66M
NOI $99,533 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,755
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property in Hillcrest near shops and dining.
Where is this apartment building located?
The property is located at 3967-69 8th San Diego, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Prime Hillcrest location: One block from Whole Foods, Better Buzz, shops, and dining.; Development opportunity: Option to purchase adjoining parcels for a larger complex (potential for up to 160 units).; New construction potential: Surrounded by new construction opportunities.
