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    3939 7Th Ave San Diego, CA 92103

    Sponsored
    For Sale
    $5,245,000

    16-Unit Value-Add Opportunity

    Property size:
    8,568 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This 16-unit apartment building in San Diego's desirable Hillcrest neighborhood presents a compelling value-add investment opportunity. The property, built in 1928 and totaling 8,568 square feet, boasts 100% occupancy and a current NOI of $255,912, with a pro-forma NOI projected at $292,601. All 16 units are renovated studios (approximately 500 sq ft each), featuring faux hardwood floors, stainless steel appliances, quartz countertops, in-unit laundry, and full closets. The building includes interior common hallways, rooftop storage, and on-site laundry facilities. Situated on a 5,697 sq ft lot, the property enjoys a prime location across from Whole Foods and near Scripps Mercy Hospital, as well as the vibrant University Avenue corridor. The asking price is $5,245,000, representing $612.16 per square foot and $327,812.50 per unit. A 3.89% fixed-rate loan is assumable until December 2026. The strong rental income, supplemented by utility billback, offers significant potential for further growth by leveling rents to market rates. Hillcrest's high population density, diverse culture, and proximity to major amenities make this a highly desirable location with strong long-term growth prospects. The property's current cap rate is 4.88%, with a pro-forma cap rate of 5.58%.

    Property Features for 3939 7Th Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    8,568 SF
    Class
    C

    Building Details

    Year Built
    1928
    Buildings
    1
    Stories
    2
    Units
    16
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.1582303
    Latitude
    32.7491722

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    FAQs

    What type of property is this?
    Multifamily property - 16-Unit Value-Add Opportunity
    Where is this multifamily property located?
    The property is located at 3939 7Th Ave San Diego, CA.
    What is the asking price?
    The asking price for this property is $5,245,000.
    Request Owner's contact information
    3939 7Th Ave San Diego, CA 92103
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    San Diego, CA 92103
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3939 7Th Ave San Diego, CA 92103
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