3rd Avenue Apartments 3852 3rd Ave 7 Unit Apartment Building $3,000,000 ($428,571/Unit) 4.68% Cap Rate San Diego, CA 92103

Presenting 3852 3rd Avenue located in the highly sought-after Hillcrest submarket of San Diego. Originally built in 1968 and extensively renovated in recent years, the 7-unit complex is situated along the vibrant 3rd Avenue corridor boasting a Walk Score of 97. The property totals approximately 6,178 SF and rests on a 5,317 SF lot.
The unit mix consists of (2) 2-Bdrm/2-Bath units, (4) 2-Bdrm/1-Bath Units and (1) street level retail space. Current ownership has extensively upgraded the property inside and out. The exterior of the property features new paint, dual pane vinyl windows and a new gated entry with security system. The building was fully replumbed in 2025 and sewer mainline is ABS significantly increasing the building’s longevity and reducing operating costs. All (6) apartment units have undergone extensive interior renovations in recent years including: LVP flooring, upgraded cabinets, granite counter tops, new appliances and modernized bathrooms. (4) units feature new mini-split A/C systems and (2) units have also been updated with in-unit stackable washer/dryers. All units are also equipped with A/C systems (mini-split and wall mounted units) and (2) units have also been updated with in-unit stackable W/D. Tenants also utilize (7) off-street parking spaces and (1) single car garage. Current ownership has obtained approved plans and permits with all permit fees paid to convert the garage into (1) studio ADU and carport to (1) 1-Bdrm/1-Bath ADU allowing an investor to significantly increase cash flow. All units are currently achieving stable market rents with room for future increases.
Located in the heart of Hillcrest, 3852 3rd Avenue is ideally positioned steps away from renowned University Avenue, home to hundreds of shops and award-winning restaurants. The property is also strategically located near several of San Diego’s largest employment centers like UC San Diego/Scripps Mercy Hospital, Downtown, and Mission Valley. Interstate 5 and 163 Freeway are both easily accessible within minutes of the subject property. 3852 3rd Avenue ultimately presents an attractive long-term investment with cash flow diversification and remaining upside in an irreplaceable urban infill location.