Multifamily Property for Sale in San Diego, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: San Diego, CA 92103

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? • Classical Architecture with Excellent Curb Appeal • Value-Add Opportunity with 25% Renovation Upside

Market Context

This multifamily in San Diego, CA is listed for sale. It is offered at an approximate 3.8% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 54 days. Compare it against other multifamily listings for sale in San Diego, CA — <a href="/search/sale/multifamily/california/san-diego">view the full market</a>.

As of Q1 2026, the San Diego multifamily market showed average asking rents near $1183.00/unit/mo, and cap rates around 8.0%. Source: Consensus Q1 2026 market report.

Its 3.8% asking cap rate is below the San Diego multifamily market average of about 8.0%, reflecting premium pricing relative to comparable assets.

Multifamily market FAQ

What is the typical cap rate for multifamily in San Diego?
About 8.0% as of Q1 2026, per Consensus.

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