3947-59 Third Avenue
10,497 SF Lot (8.0 FAR)
Marketing description
3947–59 3rd Avenue is a 12-unit multifamily investment opportunity located in the highly desirable Hillcrest neighborhood of San Diego, California. Originally constructed in 1950, the property offers classic architectural character in one of the city's most walkable and supply-constrained rental submarkets.
The 6,484 sqft property consists of (12) one-bedroom / one-bathroom units, catering to a broad tenant base and providing a straightforward, efficient layout attractive to renters. On a 10,497 sqft lot, it is located in Complete Communities Tier 2 with an 8.0 FAR.
Situated one parcel south of Washington St and along the prominent 3rd Avenue corridor, the asset benefits from immediate proximity to Hillcrest's vibrant retail, dining, and entertainment amenities, while offering convenient access to Downtown San Diego and major employment centers.
3947–59 3rd Avenue presents investors with the opportunity to capitalize on strong in-place rental demand with additional upside through renovations and potential high density development.
Investment highlights
- Ideal Hillcrest Location - One Parcel South of Washington Street
- First Time Ever on Market
- Seller May Carry 1st Trust Deed - Contact Listing Brokers
- Classical Architecture with Excellent Curb Appeal
- Value-Add Opportunity with 25% Renovation Upside
- In-Demand Unit Mix of (12) 1 Bed / 1 Bath Units
- Well Maintained Exterior with Courtyard Setting & Secure Gated Entry
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