OFFERING PRICE:

$1,295,000

FOR SALE

UNIVERSITY AVE

WASH

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CBRE is pleased to offer for sale an ideally located 4-unit

residential community at 4013-4019 Richmond Street in

the heart of Hillcrest, the premier infill urban community of

central San Diego. This property represents a tremendous

value-add opportunity with substantial rental upside and is

prime for renovation or redevelopment. The lot is 5,853 SF

and zoned RM-3-9, which allows for the development of 10

units by right (1 Unit/600 SF). The property currently consists

of 3 separate buildings, the first a craftsman featuring two

spacious 2+2’s with private laundry, in addition to separate

1+1 cottages in back. There is off street parking and three

of the units have private yard areas. All leases are month-to-

month.

With a walk score of 87, Hillcrest is one of San Diego’s most

sought-after housing markets. The property is steps away

from some of the county’s best restaurants, entertainment,

shopping, employment, and transportation. The community

features numerous convenient thoroughfares, allowing

easy access to neighboring Downtown, Mission Valley, and

Balboa Park, along with Highway 163 and Interstates 5 and 8.

o f f e r i n g o v e r v i e w I N V E S T M E N T H I G H L I G H T S

Perfect location in the heart of Hillcrest

Surrounded by Downtown, Balboa Park, and Mission Valley

Units feature off-street parking, private yards, and laundry

Excellent mix of spacious floor plans

Tremendous value-add opportunity with substantial rental upside

Convenient access to Highway 163, Interstate 5 and 8

Proximity to restaurants, entertainment, shopping, and employment

Ideal redevelopment opportunity zoned RM-3-9 (1U/600 SF)

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P R O P E R T Y D E S C R I P T I O N

ADDRESS4013 to 4019 Richmond Street

San Diego, CA 92103

PARKINGUp to 6

Open Spaces

BUILTN/A – Multiple

Years

APN445-631-08-00

RENTABLE AREA2,422 SF

LOT AREA5,853 SF

BUILDINGThree

ROOFSFlat and Pitched

UNIT MIX(2) 2+2 @ 815 SF(2) 1+1 @ 396 SF

UNITS4 Apartment

Homes

ExistingNew Construction

Rendering

p. 3

INVESTMENT SUMMARY

PRICE: $1,295,000

NUMBER OF UNITS: 4

PRICE PER UNIT: $323,750

PRICE PER SF: $535

CURRENT GRM: 20

MARKET GRM: 15

MARKET GRM: 12

CURRENT CAP RATE: 3.2%

MARKET CAP RATE: 4.8%

MARKET CAP RATE: 6.2%

YEAR BUILT: 1905/1942

LOT SIZE: 5,853

BUILDING SIZE: 2,422

SCHEDULED INCOME ACTUAL MARKET RENOVATED

UNIT NUMBER UNIT TYPE SF MONTHLY INCOME MONTHLY INCOME MONTHLY INCOME

4013 2+2 815 $1,600 $2,150 $2,650

4015 2+2 815 $1,650 $2,050 $2,600

4017 1+1 396 $1,125 $1,500 $1,750

4019 1+1 396 $1,125 $1,500 $1,750

MONTHLY GROSS INCOME: $5,500 $7,200 $8,750

FINANCIAL SUMMARY ACTUAL MARKET RENOVATED

ANNUAL GROSS INCOME: $66,000 $86,400 $105,000

VACANCY: 3% ($1,980) ($2,592) ($3,150)

UTILITY REIMBURSEMENT: $0 $2,640 $2,640

EFFECTIVE GROSS INCOME: $64,020 $86,448 $104,490

OPERATING EXPENSES:

REPAIRS & MAINTENANCE $2,130 $3,400 $3,400

UTILITIES $2,653 $2,653 $2,653

LANDSCAPE $600 $1,200 $1,200

PROPERTY INSURANCE $1,800 $1,800 $1,800

PROPERTY TAXES $15,147 $15,147 $15,147

OPERATING EXPENSES PER UNIT: ($5,583) ($6,050) ($6,050)

OPERATING EXPENSES AS % OF EGI: 35% 28% 23%

TOTAL OPERATING EXPENSES: ($22,330) ($24,200) ($24,200)

NET OPERATING INCOME: $41,690 $62,248 $80,290

F I N A N C I A L A N A LY S I Sp. 4

Located only a few miles north of San Diego’s bustling downtown, the vibrant uptown neighborhood of Hillcrest is on of San Diego’s central hubs, offering an array of bars, restaurants, coffee houses, boutiques and unique shops.

Lauded for its welcoming vibe and pedestrian-friendly streets and sidewalk patios, the area’s east end is marked by a colorful mix of ethnically diverse restaurants, nightclubs and acclaimed wine bars. You’ll also discover home decor shops, distinctive boutiques, the Uptown District shopping plaza and the Hillcrest Brewing Company. This lively stretch also hosts one of the largest farmers markets in San Diego from 9AM – 2PM on Sunday. A great place to shop for local produce, arts and crafts, the market also offers a wide range of gourmet stalls with hot and cold cuisine.

University Avenue leads into the neighborhood’s “village” area designated by the historic, neon “Hillcrest” sign. On intersecting Fifth Avenue, you’ll find a concentration of new and established restaurants, as well as a few dessert-centric eateries. Thrown into the mix are vintage clothing shops, book outlets and the multiplex Landmark Cinemas for taking in independent and foreign films.

Just south of Hillcrest sits Balboa Park, the largest urban cultural park in North America and a hub for recreation, arts and culture, and community gatherings. The park is home to 16 museums and performing arts venues, ornate Spanish-Renaissance architecture, 1,200 acres of beautiful gardens and the world-famous San Diego Zoo.

M A R K E T O v e r v i e wH I L LC R E S T – S A N D I E G O

p. 5

Q U I C K FA C T S

H i l l c r e s t

Hillcrest is a small and affluent

neighborhood in central San

Diego north of Downtown,

northwest of Balboa Park and

south of Mission Valley.

Hillcrest is known for its numerous locally

owned businesses, including restaurants,

cafés, bars, clubs, trendy thrift-stores, and

other independent specialty stores. Hillcrest

has a high population density compared to

many other neighborhoods in San Diego.

Hillcrest is an older neighborhood which has

gone through gentrification. Many streets are

lined with trees. There are Craftsman homes

and Mid-Century modern apartment buildings.

The neighborhood is bound by Mission Hills to

the northwest, Bankers Hill and Balboa Park to the

south, University Heights to the north, and North

Park to the east. A large ridge overlooking San

Diego Bay borders the neighborhood to the west.

Hillcrest is part of the Uptown

community planning area, which

consists of the neighborhoods of

Mission Hills, Hillcrest, Bankers Hill, Park

West, and University Heights.

p. 6

H i l l c r e s t d e m o g r a p h i c s

Total Population 31,792

Male Population 16,521

Female Population 15,271

Percent Change Since 2000 6.6 %

Percent Change Since 2010 3.1 %

Median Age 39.28

White Collar 20,120

Blue Collar 7,634

Male Population

52%

Female Population

48%

White Collar

72.5%

Blue Collar

27.5%

Total Households 18,090

Family Households 5,342

Non-family Households 12,748

Households With Children 1,811

Households Without Children 16,279

Average People Per Household 1.72

No High School 599

Some High School 858

Some College 5,264

Associate Degree 1,920

Bachelors Degree 8,316

Graduate Degree 6,484

Family Households

29.5%

Non-family Households

70.5%

Some High School

3.7%Some College

22.5%Associate Degree

8.2%Bachelors Degree

35.5%

Graduate Degree

27.7%

POPULATION DEMOGRAPHICS NUMBER OF HOUSEHOLDS

OCCUPATIONAL EMPLOYMENT EDUCATION STATISTICS

p. 7

U C S D M E D I C A L C E N T E R - H I L LC R E S T

UC San Diego Health, located less than a mile from the property is the only academic health system serving San Diego and one of two Level 1 trauma centers in the region. The hospital in Hillcrest is the primary hospital for the University of California and San Diego School of Medicine. This hospital offers both primary and specialized services. Currently there are approximately 2,000 employees at this hospital.

S C R I P P S M E R C Y H O S P I TA L

As the County’s longest established medical center, Scripps Mercy Hospital is also less than a mile from Third Ave Apartments. This hospital is the county’s largest, oldest and busiest hospital. Recently renovated and expanded, Scripps Mercy Hospital in Hillcrest has 700-beds and over 1,650 employees. All levels of care is provided including a Level I trauma center.

H I L LC R E S T ’ S L A R G E S T E M P LOY E R S

e m p l o y m e n t

p. 8

For more information,

please contact:

PHILIP BUCKLEY

+1 858 646 4706

Lic. 01209801

philip.buckley@cbre.com

© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.