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The Park Boulevard Portfolio 3501 Park Blvd 27 Unit Apartment Building $14,600,000 ($540,741/Unit) 3.54% Cap Rate San Diego, CA 92103
Investment Highlights
- Located 1 Block North of Balboa Park; Prime Hillcrest Park Boulevard Frontage
- By-Right Entitlement Path using Complete Communities. Tier 3, 6.5 FAR
- 35,080 Sf Land on 4 Parcels With Alley Access
- Create Value by Adding 90-100 New Apartments; Scrape Back Structures and Garages to Build
- Implement Mills Act Easily on Front 4 buildings
- Existing Buildings Are In Immaculate Condition Providing Substantial Rental Income
Executive Summary
CBRE and Colliers are pleased to offer for sale 3501-3531.5 Park Blvd, a 27 unit community on a 35,080 sf lot, located one block north of Balboa Park. This prime Hillcrest location offers a buyer the chance to create substantial value by adding new units at the rear of all 4 parcels (up to 108 units) while retaining four charming front-facing buildings on Park Blvd (huge opportunity to implement Mills Act on front buildings for substantial property tax savings). Enclosed in the OM is a yield study for 108 units, which adds 92 new units along the alley and retains 16 units on Park Blvd. The property has a by-right entitlement path and is in Complete Communities Tier 3 with a 6.5 FAR. Seller is also willing to sell contiguous 3535 Park Blvd (single family parcel on 4,109 SF) for an additional $1,900,000.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $14,600,000 | Apartment Style | Garden |
| Price Per Unit | $540,741 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.90 AC |
| Cap Rate | 3.54% | Building Size | 26,646 SF |
| Gross Rent Multiplier | 18.93 | Average Occupancy | 100% |
| No. Units | 27 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1929 |
| Property Subtype | Apartment | Parking Ratio | 0.94/1,000 SF |
| Zoning | RM-2-5, San Diego - Multi-Family | ||
| Price | $14,600,000 |
| Price Per Unit | $540,741 |
| Sale Type | Investment |
| Cap Rate | 3.54% |
| Gross Rent Multiplier | 18.93 |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.90 AC |
| Building Size | 26,646 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1929 |
| Parking Ratio | 0.94/1,000 SF |
| Zoning | RM-2-5, San Diego - Multi-Family |
Amenities
Unit Amenities
- Balcony
- Disposal
- Heating
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Refrigerator
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $1,632 | 390 |
| 1+1 | 15 | $2,270 | 867 |
| 2+1 | 8 | $2,763 | 1,094 |
| 3+2 | 1 | $3,550 | 1,725 |
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Very walkable
80/100
Very drivable
80/100
Good public transit
60/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 452-361-12 | Improvements Assessment | $724,120 |
| Land Assessment | $977,562 | Total Assessment | $1,701,682 |
Property Taxes
Parcel Number
452-361-12
Land Assessment
$977,562
Improvements Assessment
$724,120
Total Assessment
$1,701,682
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The Park Boulevard Portfolio | 3501 Park Blvd
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