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Prime North Park - $299k/unit 4018 Hamilton St 8 Unit Apartment Building $2,395,000 ($299,375/Unit) 3.66% Cap Rate San Diego, CA 92104
INVESTMENT HIGHLIGHTS
- Prime North Park Location Priced Under $300k/unit
- Huge Value-Add Opportunity: 75% Upside in Rental Income (7.97% Proforma CAP)
- Zoned RM-3-7 | Complete Communities Tier 3: 6.5 FAR
- 8-Unit Property w/ Cottage Style Feel (4 Buildings)
- Seven (7) 1Bed/1Bath Units + One (1) 2Bed/1Bath Unit
- A Short Walk to Shops, Restaurants, and Local Services (94 WalkScore)
EXECUTIVE SUMMARY
**8 Units Value-Add - Under $299k/unit - 7.97% Proforma CAP**
Located in the heart of North Park, this 8-Unit Apartment Community is an incredible opportunity for the value-add investor or developer. With 75% upside in rental income and RM-3-7 zoning / Complete Communities Tier 3: 6.5 FAR, there is massive potential for the astute investor. Situated across four buildings on a 7,020sf parcel, the property consists of seven (7) 1Bedroom/1Bathroom units, and one (1) 2Bedroom/1Bathroom unit. Tenant amenities include an onsite laundry facility and common area yard (which has potential for ADU’s). With a WalkScore of 94, tenants are a short walk to shops, restaurants, and everything North Park has to offer. Don’t miss the opportunity to acquire this incredible value-add community in one of San Diego’s most sought after rental markets.
Located in the heart of North Park, this 8-Unit Apartment Community is an incredible opportunity for the value-add investor or developer. With 75% upside in rental income and RM-3-7 zoning / Complete Communities Tier 3: 6.5 FAR, there is massive potential for the astute investor. Situated across four buildings on a 7,020sf parcel, the property consists of seven (7) 1Bedroom/1Bathroom units, and one (1) 2Bedroom/1Bathroom unit. Tenant amenities include an onsite laundry facility and common area yard (which has potential for ADU’s). With a WalkScore of 94, tenants are a short walk to shops, restaurants, and everything North Park has to offer. Don’t miss the opportunity to acquire this incredible value-add community in one of San Diego’s most sought after rental markets.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$149,448
|
$35.30
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,483
|
$1.06
|
| Effective Gross Income |
$144,965
|
$34.24
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$57,357
|
$13.55
|
| Net Operating Income |
$87,608
|
$20.69
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $149,448 |
| Annual Per SF | $35.30 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,483 |
| Annual Per SF | $1.06 |
| Effective Gross Income | |
|---|---|
| Annual | $144,965 |
| Annual Per SF | $34.24 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $57,357 |
| Annual Per SF | $13.55 |
| Net Operating Income | |
|---|---|
| Annual | $87,608 |
| Annual Per SF | $20.69 |
PROPERTY FACTS
| Price | $2,395,000 | Apartment Style | Garden |
| Price Per Unit | $299,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 3.66% | Building Size | 4,234 SF |
| Gross Rent Multiplier | 16.03 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | Parking Ratio | 0.13/1,000 SF |
| Zoning | RM-3-7 - Complete Communities Tier 3: 6.5 FAR | ||
| Price | $2,395,000 |
| Price Per Unit | $299,375 |
| Sale Type | Investment |
| Cap Rate | 3.66% |
| Gross Rent Multiplier | 16.03 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,234 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1930 |
| Parking Ratio | 0.13/1,000 SF |
| Zoning | RM-3-7 - Complete Communities Tier 3: 6.5 FAR |
AMENITIES
UNIT AMENITIES
- Dishwasher
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 7 | $1,451 | 500 |
| 2+1 | 1 | $2,300 | 850 |
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Walk Score®
Walker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 445-582-19 | Improvements Assessment | $418,140 (2025) |
| Land Assessment | $271,220 (2025) | Total Assessment | $689,360 (2025) |
PROPERTY TAXES
Parcel Number
445-582-19
Land Assessment
$271,220 (2025)
Improvements Assessment
$418,140 (2025)
Total Assessment
$689,360 (2025)
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Prime North Park - $299k/unit | 4018 Hamilton St
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