Investment Overview

Marcus & Millichap is pleased to present (for the first time ever on market) 3836 3rd Avenue located in San Diego, California. Built in 1967, the 7-unit apartment complex is located in the heart of the eclectic Hillcrest neighborhood and boasts a Walk Score of 97. The building rests on a 5,415 square foot lot with approximately 4,835 in rentable square feet. The unit mix consists of (2) two bedroom / one bathroom units and (5) one bedroom / one bathroom units all with spacious floor plans. Current ownership has meticulously maintained the property and three units have been updated with newer kitchen cabinets, granite countertops, and vinyl plank flooring. The three upgraded units also feature newer bathroom vanities and tile shower surrounds. The one bedroom units all have large walk-in closets not commonly seen in properties of this vintage. Furthermore, five units feature dishwashers. Attractive tenant offerings include gated access, on-site laundry, and (9) off-street parking spaces. Electrical panels were upgraded for all units in 2021.The property is individually metered for SDG&E, ultimately reducing overall operating costs to the owner. With significant rental upside, the property presents a strong value-add opportunity for an investors looking to extensively renovate and modernize the units to maximize cash flow. Located centrally in Hillcrest, the property enjoys easy access to the 163 freeway allowing for a short commute to Downtown and Mission Valley. Scripps Mercy Hospital and UCSD Medical Center, two of the largest employers in the area, are also within walking distance attracting high-quality tenants. San Diego's iconic Balboa Park is a few minutes south and is home to the San Diego Zoo and various hiking trails. 3836 3rd Avenue ultimately presents the unique opportunity to acquire a well-maintained apartment building with value-add potential and significant rental upside in one of San Diego's most desirable neighborhoods.