Listing ID: 230004557
Price: $7,500,000
Status: ACTIVE
Address: 3956-3962 1st
City: San Diego
State: California
Postal Code: 92103
County: San Diego
San Diego
We are is pleased to present 3956-3962 1st Avenue, a mixed use property located in the desirable urban neighborhood of Hillcrest in San Diego. The unit count includes 13 apartments plus two office suites. The subject consists of a 13-unit multifamily building and a 2,220 square foot office building situated on three adjacent parcels totaling approximately 0.5 acres (20,663 square feet). The subject is strategically located in the highly walkable neighborhood of Hillcrest on First Avenue between the major east-west thoroughfares of Washington Street and University Avenue. The property has superb drive-by visibility, abundant parking and alley access. Tenants are walking distance to several restaurants, bars, coffee shops and boutique shops. Proximate to several freeways including I-5, I-8 and the 163, residents have convenient access to all major employment centers. The apartments were originally constructed in 1955 and the property is well maintained. There is opportunity for a Buyer to capitalize on a full renovation program to substantially increase rents. Alternately, the property offers a prime redevelopment opportunity. Recent updates to the City of San Diego's development regulations would permit a higher density development than the base zone allows.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income


Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Bedrooms (2): 1
Number of Bedrooms (3): 2
Number of Stories: 2
SqFt of Improvement: 10400


Construction: Frame, Stucco
Entry Only: No
Number of Buildings: 3
Number of Units: 15
Number of Units (1): 1
Number of Units (2): 4
Number of Units (3): 8
Parking: Spaces


Country: United States
Market Area: Metro Uptown
Zip/Area: MISSION HILLS (92103)


Age: 1955
Have: 13 Apt Units + Office
Mandatory Remarks: None Known


Actual Gross Scheduled Income: 326808
Actual Operating Expense: 174928
Financial Info Source: Owner
Gross Multiplier: 22.9
Price/Unit: 500000
Sale/Rent: For Sale
Sales Restrictions: N/K
Unit Rent (1): 1500
Unit Rent (2): 1710
Unit Rent (3): 2061
Unit Rent Total (1): 1500
Unit Rent Total (2): 6840
Unit Rent Total (3): 16490

Zoning Info

Area Info

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Listing courtesy of Eric D. Comer, Broker

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