3533 6th Ave 10 Unit Apartment Building $3,475,000 ($347,500/Unit) 4.09% Cap Rate San Diego, CA 92103

We are pleased to present Balboa Flats, a well-maintained 10-unit multifamily property located at 3533 6th Avenue in the heart of San Diego’s prime Hillcrest neighborhood, at
the edge of Bankers Hill and just one block from historic Balboa Park. Built in 1952, the asset offers an exceptional combination of location, stability, and value-add potential in
one of the city’s most desirable rental corridors. Eight of ten units have been substantially improved with vinyl plank flooring, new countertops, stainless steel appliances, newer cabinetry and hardware, custom backsplash, and upgraded bathrooms. A TPO roof was completely replaced in 2012 with a 20-year warranty, and all systems are in good working condition. The property offers a highly desirable unit mix, including eight one-bedroom/one-bath units (approx. 475 SF each), one twobedroom/ one-bath unit (approx. 752 SF), and one studio/one-bath unit (approx. 400 SF). Eight units have been upgraded, while the remaining units are poised for modernization, allowing an investor
to capture significant rental upside—current rents are notably below market for the area. Property amenities include five garages, two un-monetized storage units, and an onsite laundry room, providing opportunities for additional income generation. The building sits in an irreplaceable location with a Walk Score of 90 (“Walker’s Paradise”), offering residents easy access to Balboa Park and just blocks from Hillcrest’s vibrant restaurants, cafes, and entertainment options. With its prime location, strong unit mix, consistent upkeep, and clear potential for further value enhancement, Balboa Flats represents a rare and compelling opportunity to acquire a classic multifamily asset in one of San Diego’s most enduring and highdemand rental markets. Hillcrest is one of San Diego’s most desirable urban neighborhoods, offering exceptional walkability, strong rental demand, and proximity to Downtown and Balboa Park. Popular with young professionals and medical employees, the area features a vibrant mix of restaurants, shops, and entertainment. With limited new supply and consistent rent growth, Hillcrest remains one of the city’s most stable and sought-after multifamily submarkets.