4053 8Th AveSan Diego, CA 92103

The Melrose Canyon Apartments, a 52-unit multifamily property in San Diego's desirable Hillcrest neighborhood, presents a compelling value-add investment opportunity. This three-building complex, constructed in 1970, boasts 39,525 square feet across three two and three-story buildings situated on a 36,590 square-foot lot. The property features 36,590 square feet of net rentable space and 61 parking spaces. Offering a mix of one, two, and three-bedroom units, the apartments benefit from unique views of the Mission Valley Hillside Open Space. Its location provides exceptional access to major employment centers, medical clusters (including proximity to Scripps Mercy Hospital and Hillcrest Medical Center at UC San Diego Health), and vibrant retail corridors in Hillcrest, North Park, South Park, and Downtown San Diego. The property is conveniently located near Balboa Park, The Lafayette Hotel, Petco Park, and offers easy freeway access to UTC, Sorrento Valley, and Mission Valley. Currently, eight units are intentionally vacant, presenting a significant rental upside potential estimated at 52%. Furthermore, the property's zoning within the Tier 2 Complete Communities Housing Solutions overlay zone allows for redevelopment up to 292,720 square feet. This unique offering is ideal for value-add investors and ground-up developers seeking to capitalize on the strong multifamily rental market fundamentals and high barriers to entry in this coveted San Diego submarket. The property has been under the same ownership for 30 years, making this a rare opportunity to acquire a sizable asset in a highly sought-after location.