4015 Richmond St, San Diego, CA 92103
List Price: $7.95M
Listing Status: Active
0Days on Market: 0
0 Bedrooms · 0 Bathrooms
Property Type: CommercialSale
Lot Size: 5,858 sq ft
MLS Number: 260021771SD
About This Property
The Richmond is a newly constructed 19 unit luxury multifamily property in the heart of Hillcrest, one of San Diego’s most desirable and supply constrained rental markets. Completed in 2025, the property features studio, one bedroom and two bedroom residences with modern finishes, in unit laundry, central heating and air conditioning, triple pane windows and private balconies in most units. Offered at $7,950,000, or approximately $418,000 per unit, The Richmond is priced well below nearby development cost benchmarks while generating approximately $545,000 in annual scheduled income and $372,000 in NOI. The property also offers approximately 11% potential rent upside and benefits from exemption from AB 1482 rent caps through at least 2040, providing significant flexibility for future rent growth. The property is steps from shopping, dining and major employment centers, including the expanding UC San Diego Health Hillcrest campus and Scripps Mercy Hospital. Hillcrest is also benefiting from major public investment, including the approximately $28 million Pride Promenade project along Normal Street, further enhancing the neighborhood’s walkability and long term appeal. New construction. Below replacement cost. Strong in place income. Rent upside. Favorable regulatory positioning. An irreplaceable Hillcrest location.
Listing provided by: Ricardo Lopez DRE #01936528 619-299-3000 ricardomultifamily@gmail.com, ACI Apartments
Source: CRMLS, MLS #: 260021771SD
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.