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Prime North Park - $299k/unit 4018 Hamilton St 8 Unit Apartment Building $2,395,000 ($299,375/Unit) 4.34% Cap Rate San Diego, CA 92104
Investment Highlights
- Prime North Park Location Priced Under $300k/unit
- Huge Value-Add Opportunity in One of San Diego’s Strongest Submarkets
- Zoned RM-3-7 | Complete Communities Tier 3: 6.5 FAR
- 8-Unit Property w/ Cottage Style Feel (4 Buildings)
- 56% Upside in Rental Income (7.97% Proforma CAP)
- A Short Walk to Shops, Restaurants, and Local Services (94 WalkScore)
Executive Summary
Located in the heart of North Park, this 8-Unit Apartment Community is an incredible opportunity for the value-add investor or developer. With 56% 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 - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$167,160
|
$39.48
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,015
|
$1.18
|
| Effective Gross Income |
$162,145
|
$38.30
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$58,216
|
$13.75
|
| Net Operating Income |
$103,929
|
$24.55
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $167,160 |
| Annual Per SF | $39.48 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,015 |
| Annual Per SF | $1.18 |
| Effective Gross Income | |
|---|---|
| Annual | $162,145 |
| Annual Per SF | $38.30 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $58,216 |
| Annual Per SF | $13.75 |
| Net Operating Income | |
|---|---|
| Annual | $103,929 |
| Annual Per SF | $24.55 |
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 | 4.34% | Building Size | 4,234 SF |
| Gross Rent Multiplier | 14.33 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| 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 | 4.34% |
| Gross Rent Multiplier | 14.33 |
| 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 | 2 |
| 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
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $1,632 | 500 |
| 2+1 | 1 | $2,500 | 850 |
Very walkable
80/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 445-582-19 | Improvements Assessment | $418,140 |
| Land Assessment | $271,220 | Total Assessment | $689,360 |
Property Taxes
Parcel Number
445-582-19
Land Assessment
$271,220
Improvements Assessment
$418,140
Total Assessment
$689,360
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Prime North Park - $299k/unit | 4018 Hamilton St
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