Investment Overview

Marcus & Millichap is pleased to present an exceptional opportunity to own one of the most desirable properties in the 92103 (Hillcrest/North Park) Zip Code. The Indiana, constructed in 2019, comprises 21 condo-quality units with ultra high-end finishes. No expense was spared in creating this attractive garden-style rental community, which commands top-of-the-market rents. In 2023, the property experienced almost zero vacancy, with turnover historically re-leased within a few days at higher rents, demonstrating its desirability within the local rental community. High-end flooring, cabinetry, stainless steel appliances, modern bathrooms, 9-foot ceilings, dishwashers, and in-unit washer/dryers are just a few of the amenities offered. The 2 cottage units have been fully upgraded and approved for The Mills Act Program, allowing for property tax savings on that portion. This beautiful property is located on the border of Hillcrest and North Park, two of the best rental neighborhoods in San Diego, attracting a diverse crowd of young professionals. The area's walkability to many shops, restaurants, bars, and parks attracts higher-income renters than most other urban neighborhoods in San Diego County. Despite softening rental markets in other tertiary markets, The Indiana and surrounding neighborhoods continue to see solid rent growth. A new investor should feel comfortable knowing that they will be taking over a property with little to no deferred maintenance and immediate, stable upside in the rents.