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Urban-High Street

6th & Penn

608 Pennsylvania Ave, San Diego, CA 92103

Listing Price: $4,200,000

Cap Rate
3.45%
Gross SF
6,364
Rentable SF
6,364
Price/Gross SF
$659.96
Lot Size
0.14 acres
Year Built
1955

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the Hillcrest Mixed-Use Portfolio, a five-property offering in San Diego, California. With two properties featuring 21 multifamily units and the remaining three featuring creative office over retail space (approx. 42,000 combined SF), the Hillcrest Mixed-Use Portfolio presents a unique, diversified investment opportunity in Hillcrest, one of San Diego’s fastest growing neighborhoods. The area, known as the city’s LGTBQ+ cultural center, is just north of downtown San Diego and Balboa Park. The offering greatly benefits from its proximity to major thoroughfares, including State Route 163, Interstate 5, and Interstate 8, providing easy access to all parts of the San Diego. The Hillcrest Mixed-Use Portfolio offers a highly attractive, value-add portfolio with a history of committed ownership. All five properties are well-maintained, with most having newer HVAC systems, brand new/ newer PVC roofs, and recently renovated facades. Nearly 100% of the apartment units have been remodeled or feature modern unit amenities, including new counters, vinyl floors, split AC units, modern windows, high ceilings, and keyless entry*. The offering presents a unique value-add opportunity, as well. By renovating the remaining apartment units, new ownership will be able to capitalize on the increasing market rents in the Hillcrest neighborhood and boost near-term cash flow immediately. The next owner of the Hillcrest Mixed-Use Portfolio will be acquiring a well-maintained, highly desirable portfolio in the center of San Diego’s LGBTQ+ cultural hub. The diversified in-place cash flow, coupled with a unique-value add opportunity to immediately increase operating performance, create an ideal offering with a highly attractive location in San Diego’s Hillcrest neighborhood. * Seller will lease back the 3 vacant suites for a period of 6 months at close of escrow.

Investment Highlights

  • Iconic Investment Property on the Corner of 6th & Pennsylvania
  • Fully renovated modern loft units with new kitchens, floors, windows, ac
  • 100% Leased Investment with income upside, rents below market
  • Consists of one ground floor retail suite, 10 apartment lofts, plus billboard

Exclusively Listed By

Listing Price: $4,200,000

Cap Rate
3.45%
Gross SF
6,364
Rentable SF
6,364
Price/Gross SF
$659.96
Lot Size
0.14 acres
Year Built
1955

Investment Highlights

  • Iconic Investment Property on the Corner of 6th & Pennsylvania
  • Fully renovated modern loft units with new kitchens, floors, windows, ac
  • 100% Leased Investment with income upside, rents below market
  • Consists of one ground floor retail suite, 10 apartment lofts, plus billboard

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the Hillcrest Mixed-Use Portfolio, a five-property offering in San Diego, California. With two properties featuring 21 multifamily units and the remaining three featuring creative office over retail space (approx. 42,000 combined SF), the Hillcrest Mixed-Use Portfolio presents a unique, diversified investment opportunity in Hillcrest, one of San Diego’s fastest growing neighborhoods. The area, known as the city’s LGTBQ+ cultural center, is just north of downtown San Diego and Balboa Park. The offering greatly benefits from its proximity to major thoroughfares, including State Route 163, Interstate 5, and Interstate 8, providing easy access to all parts of the San Diego. The Hillcrest Mixed-Use Portfolio offers a highly attractive, value-add portfolio with a history of committed ownership. All five properties are well-maintained, with most having newer HVAC systems, brand new/ newer PVC roofs, and recently renovated facades. Nearly 100% of the apartment units have been remodeled or feature modern unit amenities, including new counters, vinyl floors, split AC units, modern windows, high ceilings, and keyless entry*. The offering presents a unique value-add opportunity, as well. By renovating the remaining apartment units, new ownership will be able to capitalize on the increasing market rents in the Hillcrest neighborhood and boost near-term cash flow immediately. The next owner of the Hillcrest Mixed-Use Portfolio will be acquiring a well-maintained, highly desirable portfolio in the center of San Diego’s LGBTQ+ cultural hub. The diversified in-place cash flow, coupled with a unique-value add opportunity to immediately increase operating performance, create an ideal offering with a highly attractive location in San Diego’s Hillcrest neighborhood. * Seller will lease back the 3 vacant suites for a period of 6 months at close of escrow.

Exclusively Listed By

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