3513 First Ave., San Diego, CA 92103

Property Description

Val De Flores is a Spanish style 11 unit rental community and development opportunity (RM-3-9 Zoning) located in the highly desirable Hillcrest sub-market of San Diego, California. Hillcrest and neighboring Bankers Hill are considered some of the strongest rental markets in San Diego County, with great demand for apartments. Historical occupancy in this sub-market is estimated to be approximately 97% to 100% and San Diego rental rates continue to rise. This vibrant and centrally located investment offers excellent access to the Interstate 5, Interstate 163, and Interstate 8 freeways, which connect to every major employment center in the greater San Diego area. This charming, value-add property has (9) 2-Bed/1-Bath units, (1) 1-Bed/1-Bath unit, (1) studio unit, 4 garages, 4 additional parking spaces, an onsite laundry room that produces additional income, and a large storage room. 11,177 sq. ft. lot. There is an approximate 50% upside in rental income after remodeling due to long-term ownership. The subject property has been family owned and cared for over the years. There is an opportunity to maximize the income by raising rents and completing improvements over time. The asset is walking distance to Balboa Park, the historic First Avenue and Spruce Street bridges and it is located near major retailers such as Vons, CVS, Starbucks, various local restaurants. The property is well located within only a few miles of the San Diego Zoo, the Bay, and downtown San Diego. Owned by the same family since 1942.