Fully leased and extensively renovated in 2025 four-unit investment property in the heart of Hillcrest. Each residence offers one bedroom and one bathroom with updated kitchens, stainless-steel appliances, modern flooring, newer windows, wall-mounted air conditioning, and in-unit laundry. Property improvements include upgraded electrical systems, fire sprinklers, and a newer water… Read More main. Select units include gated parking. Each unit has a separate SDG&E meter and only one water meter. The property currently generates approximately $143,880 in gross scheduled annual income with an estimated stabilized NOI of $111,690. All four leases are in place, offering immediate income and limited near-term capital improvement requirements. Located near major employment centers, medical facilities, restaurants, shopping, public transportation, Balboa Park, and Downtown San Diego. An attractive opportunity to acquire a stabilized residential income property in one of San Diego’s most desirable and supply-constrained rental markets. Offering Memorandum, rent roll, leases, and financial information are available upon request. Buyer to verify all property information, permits, square footage, income, expenses, and operating assumptions. Exceptional opportunity to acquire a fully leased, extensively renovated four-unit property in the heart of Hillcrest. Each residence offers one bedroom and one bathroom with an updated kitchen, stainless-steel appliances, modern flooring, newer windows, wall-mounted air conditioning, and in-unit laundry. Additional property improvements include upgraded electrical systems, fire sprinklers, and a newer water main. Select units include gated parking. The property currently generates approximately $143,880 in gross scheduled annual income with an estimated stabilized NOI of $111,690, providing immediate income from four existing leases. The seller may consider facilitating a potential vacancy for a buyer who intends to occupy one unit as a primary residence. This may provide an opportunity for a qualified buyer to pursue owner-occupied financing while using eligible rental income from the remaining units to assist with loan qualification. Financing terms, occupancy requirements, and the amount of rental income considered are subject to lender underwriting and approval. No vacancy is guaranteed, and any vacancy must comply with the existing lease, tenant agreement, and applicable law. Conveniently located near major medical and employment centers, restaurants, shopping, public transportation, Balboa Park, and Downtown San Diego. An attractive opportunity for an investor or potential owner-user seeking a stabilized residential income property in one of San Diego’s most desirable rental markets. Offering Memorandum and additional financial information are available upon request. Buyer to verify all property information, permits, square footage, income, expenses, financing options, and operating assumptions. Read Less
Listing Snapshot
Days Online
1
Last Updated
Year Built
2010
MLS Number
260020675SD
Additional Details
Appliances & Equipment
ElectricWaterHeater, GasWaterHeater
Building
Built in 2010, 1 building, 2 stories, Levels: Two
Community
Park Name: 312 Brookes Ave, Gated
Cooling
Zoned
Heating
Combination, Electric
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $143,880, Net Operating Income: $110,690
Lot
SprinklerSystem
Roof
Composition, RolledHotMop
Security Features
GatedCommunity
Taxes
Parcel Number: 4522851300, Zoning: RM-3-9
Tenant Pays
Electricity
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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