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3920-3922 8th Avenue is a rare multifamily offering in the heart of Hillcrest. The unit mix consists of sixteen large, approximately 450 square foot studios. The units feature hardwood floors, decorative fireplaces, spacious floorplans, and full closets. The approximately 8,568 square foot building built in 1929 features interior common hallways and onsite laundry facilities. The structure is situated on a 6,198 lot just blocks from Scripps Mercy Hospital and the shopping, entertainment, business and transit on University Avenue. Market rents are $1745 + RUBS post-renovation and result in a 7.73% Cap Rate.
Hillcrest has blossomed over the past decade into one of the hippest, most happening communities in all of San Diego and is known for its tolerance, youthfulness, culture, and diversity as well as numerous locally-owned businesses, including restaurants, cafés, bars, clubs, trendy thrift-stores, and other independent specialty stores. Hillcrest also has two major hospitals that serve the area and many medical offices. Hillcrest has a high population density compared to many other neighborhoods in San Diego.
Hillcrest is an older neighborhood which has gone through gentrification. Many streets are lined with trees. There are Craftsman homes and Mid-Century modern apartment buildings. The community is considered one of the most desirable submarkets to live and own in San Diego County.
The neighborhood is bound by Mission Hills to the northwest, Bankers Hill and Balboa Park to the south, University Heights to the north, and North Park to the east. A large ridge overlooking San Diego Bay borders the neighborhood to the west. Hillcrest is part of the Uptown community planning area, which consists of the neighborhoods of Mission Hills, Hillcrest, Bankers Hill, Park West, and University Heights.
