Investment Overview

Marcus and Millichap is pleased to present The Hamilton Bungalows at 3917-3931 Hamilton Street in prime North Park, San Diego, California. With a successful history as vacation rentals and currently operating as long-term rentals, Hamilton Street is composed of all bungalow units with no shared walls. The property boasts one of the most coveted areas of southern California and a mix of vintage interiors to fully renovated units. This is a boutique style apartment community units features concrete and granite countertops, stainless steel appliances, dual pane windows, refinished dark hardwood flooring and A/C. serious attention to detail and meticulous care from ownership. The property is comprised of a single 2-bedroom /1-bath casita (approximately 850SF), eight 1-bedroom / 1-bath casitas (approximately 500SF), and a single non-conforming studio unit and laundry room that was converted from two single car garages. One of the vacation rentals is still in operation and proves an easy model to increase income almost 20% if desired without any further upgrades to the property. Currently 11 total structures rest on the properties extra large, 2-parcel, 13,975 square-foot lot. Multifamily developments nearby on similar footprints are building 6 stories of apartments. Zoning is RM3-9 yielding 1 dwelling unit per 600 square foot of lot area under base zoning. The property lies within the complete communities tier 3 overlay as well, which allows for extreme density possibilities with a maximum FAR of 6.5. An astute investor may also see the value in renovating units to highest end finishes, raising rents and building two additional homes in the front right (where an existing casita was just demolished and has grandfathered privileges), and replacing the northern garages with a 3-story home. One might also look into retro-actively converting the non-conforming studio into a legal unit through San Diego’s ADU program which is actively seeking to expand housing with few ADU conversions being denied at the city level. North Park boasts a prime location, proximate to downtown San Diego, Hillcrest and Balboa Park, offering residents easy access to a vibrant urban lifestyle and abundant recreational activities. Additionally, North Park’s strong rental market, fueled by its proximity to major employers, universities, and healthcare facilities, ensures consistent demand for housing, making it a reliable investment option. Moreover, the neighborhood’s diverse community and thriving cultural scene contribute to its appeal, attracting a wide range of tenants seeking a dynamic urban experience. Finally, with ongoing revitalization efforts and planned infrastructure improvements, North Park promises long-term appreciation potential, making it an attractive choice for savvy real estate investors seeking both stability and growth opportunities.