Investment Overview

Marcus & Millichap is pleased to present 3933 Hamilton Street located in San Diego, California. Built in 1927, the 14-unit apartment complex boasts a Walk Score of 95 and totals approximately 7,056 rentable square feet. The building rests on a large lot equaling around 13,986 square feet and is located in the highly desirable neighborhood of North Park, which continues to be one of the most in-demand rental markets in metro San Diego. The unit mix consists of twelve one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units. Attractive tenant offerings include gated access, a large common courtyard, on-site laundry, eight off-street parking spaces, one two-car garage, and one one-car garage. Having been well-maintained with below-market rents, the property presents an opportunity to bring current rents to market rates through renovation. The current ownership has recently repainted the entire property in its original classic white style. They have also replaced 12 of the 18 custom windows, installed new roofs on the front buildings, and updated the landscaping. The property has been continually recognized by the North Park Historical Society as a prominent part of the North Park area, increasing the likelihood that a new buyer could receive a historic designation. This designation could then lead to Mills Act designation, resulting in significant property tax savings upon an approved application. Located only one block from University Avenue and a few blocks from 30th Street, the property is within proximity to all the best North Park has to offer. The 163 and 805 freeways are also nearby, providing easy access for tenants. 3933 Hamilton Street presents investors with a rare opportunity to acquire a value-add asset with significant rental upside in one of San Diego’s most desirable rental markets. New ownership could also convert the rear garages into two Accessory Dwelling Units (ADUs).