3602-3608 Indiana St 8 Unit Apartment Building $3,395,000 ($424,375/Unit) 3.61% Cap Rate San Diego, CA 92103

Offered for the first time in over 25 years, this eight-unit multifamily asset delivers a rare combination of immediate value-add upside and long-term development potential in one of San Diego's most coveted rental submarkets. The diversified unit mix — (3) 2BD/1BA, (1) 3BD/1BA, (2) Studios, and (2) 1BD/1BA — provides a resilient, diversified income stream with rents sitting meaningfully below market. Four rear garages present a compelling ADU conversion opportunity, with the potential to add up to four additional income-producing units and materially increase the property's long-term value. A generational family hold coming to market for the first time, 3602–08 Indiana represents exactly the kind of repositioning play that rarely surfaces in this zip code.
Hillcrest is San Diego's most dynamic and irreplaceable urban village, consistently registering among the lowest vacancy rates in the county. Anchored by proximity to UCSD Health and Sharp Memorial Hospital, and flanked by the cultural draw of Balboa Park, the neighborhood attracts a deep and loyal renter base of healthcare professionals, young creatives, and long-term residents who choose Hillcrest for its walkability, energy, and unmatched quality of life. University Avenue and Fifth Avenue deliver some of the city's best independent dining, retail, and nightlife steps from the front door — making this a location that practically leases itself.