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RE-PRICED TO SELL! Turnkey Hillcrest multifamily investment offering four extensively renovated 1BR/1BA residences in a highly desirable central San Diego location. Fully leased with approximately $143,880 in annual gross scheduled income and approximately $111,690 stabilized NOI. New asking price represents an approximate 4.87% stabilized cap rate. The property has undergone extensive improvements including updated kitchens and bathrooms, flooring, dual-pane windows, electrical and plumbing upgrades, mini-split heating and air conditioning, in-unit laundry, fire sprinkler improvements, secured entry and landscaped common areas. Select residences include private outdoor space and parking. Located near Balboa Park, UC San Diego Health Hillcrest, Scripps Mercy Hospital, Mission Hills, Downtown San Diego, dining, shopping, transit and major transportation corridors. A compelling opportunity to acquire a fully leased, renovated four-unit property with established in-place income and limited near-term capital improvement requirements. Exceptional opportunity to acquire a fully leased, extensively renovated four-unit property in the heart of Hillcrest. Each residence offers one bedroom and one bathroom with an updated kitchen, stainless-steel appliances, modern flooring, newer windows, wall-mounted air conditioning, and in-unit laundry. Additional property improvements include upgraded electrical systems, fire sprinklers, and a newer water main. Select units include gated parking. Offered at $2,295,000, the property currently generates approximately $143,880 in gross scheduled annual income with an estimated stabilized NOI of $111,690, equating to an approximate 4.87% stabilized capitalization rate based on the current asking price and operating assumptions. The property provides immediate income from four existing leases. The seller may consider facilitating a potential vacancy for a buyer who intends to occupy one unit as a primary residence. This may provide an opportunity for a qualified buyer to pursue owner-occupied financing while using eligible rental income from the remaining units to assist with loan qualification. Financing terms, occupancy requirements, and the amount of rental income considered are subject to lender underwriting and approval. No vacancy is guaranteed, and any vacancy must comply with the existing lease, tenant agreement, and applicable law. Conveniently located near major medical and employment centers, restaurants, shopping, public transportation, Balboa Park, and Downtown San Diego. An attractive opportunity for an investor or potential owner-user seeking a stabilized residential income property in one of San Diego's most desirable rental markets. Offering Memorandum and additional financial information are available upon request. Buyer to verify all property information, permits, square footage, income, expenses, financing options, capitalization rate, and operating assumptions.
Property Type(s):
Residential Income
| Last Updated | 10/5/2026 | Year Built | 2010 |
|---|---|---|---|
| Community | 92103 - Mission Hills | County | San Diego |
Price History
| Prior to Oct 5, '26 | $2,395,000 |
|---|---|
| Oct 5, '26 - Today | $2,295,000 |
Additional Details
| AIR | Zoned |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Electric Water Heater, Gas Water Heater |
| AREA | 92103 - Mission Hills |
| HEAT | Electric |
| LOT | 0 |
| STORIES | 2 |
Location
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Listed with The Schwarz Group
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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