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El Patio Apartments 3947-59 Third ave 12 Unit Apartment Building $5,325,430 CAD ($443,786 CAD/Unit) 3.77% Cap Rate San Diego, CA 92103
Investment Highlights
- Ideal Hillcrest Location - One Parcel South of Washington Street
- Seller May Carry 1st Trust Deed - Contact Listing Brokers
- Classical Architecture with Excellent Curb Appeal
- First Time Ever on Market
- Classical Architecture with Excellent Curb Appeal
- Value-Add Opportunity with 25% Renovation Upside
Executive Summary
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.?
Do not walk property or disturb tenants. Contact listing broker for OM.
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.?
Do not walk property or disturb tenants. Contact listing broker for OM.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,325,430 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $443,786 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 3.77% | Building Size | 6,484 SF |
| Gross Rent Multiplier | 16 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 0.31/1,000 SF |
| Zoning | CC-3-8 - Complete Communities (CCHS) Tier 2: 8.0 FAR | ||
| Price | $5,325,430 CAD |
| Price Per Unit | $443,786 CAD |
| Sale Type | Investment |
| Cap Rate | 3.77% |
| Gross Rent Multiplier | 16 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.24 AC |
| Building Size | 6,484 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 0.31/1,000 SF |
| Zoning | CC-3-8 - Complete Communities (CCHS) Tier 2: 8.0 FAR |
Amenities
Site Amenities
- Courtyard
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $2,310 CAD | 540 |
Exceptionally walkable
100/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 444-662-05 | Improvements Assessment | $1,022,214 CAD |
| Land Assessment | $4,088,859 CAD | Total Assessment | $5,111,074 CAD |
Property Taxes
Parcel Number
444-662-05
Land Assessment
$4,088,859 CAD
Improvements Assessment
$1,022,214 CAD
Total Assessment
$5,111,074 CAD
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El Patio Apartments | 3947-59 Third ave
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