3767 7th Avenue, San Diego, CA 92103
3767 7th Avenue, San Diego, CA 92103
3767 7th Avenue, San Diego, CA 92103
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$2,590,000
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7,000 Sqft Lot
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3767 7th Avenue San Diego, CA 92103

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Brian Winter

Brian Winter

+1(559) 737-2923

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Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

MLS Listing ID 260019147SD

HOA Y/N No

Year Built 1930

Lot Size 7,000 Sqft

Property Description

We are pleased to exclusively present for sale 3767 7th Avenue, an exceptionally restored Spanish-style multifamily investment located in the heart of Hillcrest, one of San Diego's most desirable and supply-constrained urban neighborhoods. Combining stabilized in-place cash flow with fully entitled expansion potential, the offering presents a rare opportunity to acquire a trophy-quality asset featuring immediate development upside. The property currently consists of four legal apartment units and one non-conforming one-bedroom unit, while approved plans allow a purchaser to immediately commence construction of nine additional apartment units and legalize the existing non-conforming residence, resulting in a 14-unit apartment community upon completion. Originally constructed in 1930, the property has undergone an extensive, condo-quality restoration over recent years, preserving its timeless Spanish architecture while incorporating modern luxury finishes throughout. The existing improvements comprise approximately 3,910 rentable square feet and include a highly desirable unit mix consisting of one (1) 2-bedroom / 2-bath townhome (±1,200 SF), two (2) 2-bedroom / 1-bath residences (±875 SF each), one (1) studio (±400 SF), and one (1) non-conforming 1-bedroom / 1-bath unit (±560 SF) converted from a former laundry facility. The property currently generates approximately $167,200 in annual gross income, providing investors with meaningful in-place cash flow while preparing for immediate vertical expansion. Unlike traditional development opportunities requiring years of entitlement risk, 3767 7th Avenue offers the rare advantage of approved plans already in place, allowing a buyer to move directly into construction and significantly accelerate project timelines. Upon completion of the approved improvements, investors will own a substantially larger, institutional-quality apartment community in one of San Diego's strongest rental markets, benefiting from increased economies of scale, long-term appreciation, and enhanced operating efficiencies. An additional financing advantage further differentiates the offering. Because the property is currently legally comprised of four residential units, qualified purchasers may be eligible to obtain high loan-to-value residential financing with long-term fixed-rate terms, providing a significantly lower cost of capital than traditional commercial multifamily financing while simultaneously controlling a future development opportunity. Located in the center of Hillcrest, one of San Diego's premier walkable neighborhoods, the property is just steps from Whole Foods Market, Balboa Park, and the area's vibrant collection of acclaimed restaurants, cafés, nightlife, boutique retail, and employment centers. Hillcrest's exceptional walkability, limited housing supply, and consistently strong rental demand continue to support long-term rent growth and investor confidence. Each residence has been thoughtfully renovated with luxury finishes designed to compete with newly constructed product, including fully remodeled interiors, in-unit washer and dryers, air conditioning, new stainless steel appliances, gas ranges, dishwashers, abundant natural light, and designer finishes throughout. The property also benefits from four off-street parking spaces. Utility expenses are efficiently managed through a RUBS program whereby tenants pay their own electric, gas, cable/internet service, plus $50 per resident monthly toward water, while ownership remains responsible only for trash and sewer service. 3767 7th Avenue represents a highly differentiated investment opportunity combining immediate cash flow, luxury existing improvements, entitled development potential, attractive financing advantages, and an irreplaceable Hillcrest location, a combination that is seldom available within San Diego's multifamily market.

Location

State CA

County San Diego

Area 92103 - Mission Hills

Building/Complex Name complex

Interior

Heating Electric

Cooling Wall/Window Unit(s)

Fireplace No

Appliance Gas Water Heater

Exterior

Community Features Gated

View Y/N Yes

View None

Building

Story 3

Entry Level Three Or More

Level or Stories Three Or More

Others

Senior Community No

Tax ID 4521032500

Security Features Gated Community

Acceptable Financing Conventional

Listing Terms Conventional

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Conor Brennan Conor Brennan, Broker #01918598

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Brian Winter

Brian Winter

Agent | License ID: 0200992

+1(559) 737-2923

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3767 7th Avenue

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