Active

3956-3962 1st Ave

Mission Hills CA, 92103

$7,300,000


$701.92 per sqft

Active

3 Beds

10,400 sqft

Commercial

We are is pleased to present 3956-3962 1st Avenue, a mixed use property located in the desirable urban neighborhood of Hillcrest in San Diego. The unit count includes 13 apartments plus two office suites. The subject consists of a 13-unit multifamily building and a 2,220 square foot office building situated on three adjacent parcels totaling approximately 0.5 acres (20,663 square feet). The current owner would prefer to sell both the apartments and office combined, but will entertain offers on each separately. The Buyer can assume an attractive $2.43M Chase Loan fixed at 3.92% until May 2027 on the 13-unit multifamily property located at 3960-3962 1st Avenue. The subject is strategically located in the highly walkable neighborhood of Hillcrest on First Avenue between the major east-west thoroughfares of Washington Street and University Avenue. The property has superb drive-by visibility, abundant parking and alley access. Tenants are walking distance to several restaurants, bars, coffee shops and boutique shops. Proximate to several freeways including I-5, I-8 and the 163, residents have convenient access to all major employment centers. The apartments were originally constructed in 1955 and the property is well maintained. There is opportunity for a Buyer to capitalize on a full renovation program to substantially increase rents. Alternately, the property offers a prime redevelopment opportunity. Recent updates to the City of San Diego's development regulations would permit a higher density development than the base zone allows.

240003196

MLS ID

February 13, 2024

Listed

March 28, 2024

Updated

Map

3956-3962 1st Ave
Mission Hills CA, 92103

Interior Features

Total Stories

2


Bedrooms

3 Beds


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Other Property Details

Area Name

Metro Uptown


Days on Market

43


Garage

No


Parking

Spaces


View

No


County

San Diego


Pool

No


Buyer Agency Compensation

1.5%

Listed by Eric D. Comer, Broker, Eric D Comer,
Listing Contact: 858-369-3083 

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