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The Richmond 4015 Richmond St 19 Unit Apartment Building $9,550,000 ($502,632/Unit) San Diego, CA 92103
Executive Summary
Presenting The Richmond! Newly built 19-units (2025) in the heart of Hillcrest, featuring studios, 1BRs, and 2BRs averaging 597 SF, most with balconies. A recent rent comps survey indicates current rents are 20% below market, presenting an investor with the opportunity to unlock hidden value and achieve higher returns with minimal capital investment. The property is also exempt from AB 1482 rent caps through at least 2040, providing flexibility to capture market rent growth. Units include in-unit W/D, premium cabinetry, quartz counters, stainless steel appliances, triple-pane windows, and dishwashers in all but three units. Central HVAC ensures year-round comfort. Community features: secured subterranean parking (6 standard + 1 ADA), roof-mounted 17.3 kW solar. Built with wood-frame over podium construction, the property enjoys unmatched proximity to Balboa Park, UCSD Medical Center, Scripps Mercy, Downtown, and the airport. With strong demographics, high renter demand, and limited supply, The Richmond is a rare best-in-class asset in a prime San Diego location.
Property Facts
| Price | $9,550,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $502,632 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.13 AC |
| No. Units | 19 | Building Size | 11,343 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 2025 |
| Zoning | R-3 - Multi-Family | ||
| Price | $9,550,000 |
| Price Per Unit | $502,632 |
| Sale Type | Investment |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.13 AC |
| Building Size | 11,343 SF |
| No. Stories | 4 |
| Year Built | 2025 |
| Zoning | R-3 - Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
- Window Coverings
Site Amenities
- 24 Hour Access
- Walking/Biking Trails
- Storage Space
- Elevator
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | $1,676 | - |
| 1+1 | 9 | $2,140 | - |
| 2+1 | 6 | $2,456 | - |
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Very walkable
80/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 445-631-08 | Improvements Assessment | $2,500,000 |
| Land Assessment | $964,981 | Total Assessment | $964,981 |
Property Taxes
Parcel Number
445-631-08
Land Assessment
$964,981
Improvements Assessment
$2,500,000
Total Assessment
$964,981
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The Richmond | 4015 Richmond St
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