3939 7Th AveSan Diego, CA 92103

This 16-unit apartment building in San Diego's desirable Hillcrest neighborhood presents a compelling value-add investment opportunity. The property, built in 1928 and totaling 8,568 square feet, boasts 100% occupancy and a current NOI of $255,912, with a pro-forma NOI projected at $292,601. All 16 units are renovated studios (approximately 500 sq ft each), featuring faux hardwood floors, stainless steel appliances, quartz countertops, in-unit laundry, and full closets. The building includes interior common hallways, rooftop storage, and on-site laundry facilities. Situated on a 5,697 sq ft lot, the property enjoys a prime location across from Whole Foods and near Scripps Mercy Hospital, as well as the vibrant University Avenue corridor. The asking price is $5,245,000, representing $612.16 per square foot and $327,812.50 per unit. A 3.89% fixed-rate loan is assumable until December 2026. The strong rental income, supplemented by utility billback, offers significant potential for further growth by leveling rents to market rates. Hillcrest's high population density, diverse culture, and proximity to major amenities make this a highly desirable location with strong long-term growth prospects. The property's current cap rate is 4.88%, with a pro-forma cap rate of 5.58%.