4562 Hamilton St

University Heights is a historic and trendy neighborhood in central San Diego that sits above Mission Valley and is surrounded by canyons. It was once planned to host a university, but now it is home to a diverse mix of property types, restaurants, nightlife, and the Trolley Barn Park. It is close to major freeways, downtown, Balboa Park, and other universities. It was an early “streetcar suburb” that had cable and electric trolleys connecting it to the city center. North Park is a neighborhood in San Diego, California. It is situated to the northeast of Balboa Park and is bounded on the north by the canyons overlooking Mission Valley, on the south by Switzer Canyon and the South Park neighborhood, on the east by Interstate 805 and City Heights, and on the west by Florida Canyon and Hillcrest. North Park is most notably known as a culturally diverse neighborhood with Craftsman cottages, diners and cafes, boutiques, bookstores, coffee shops, and a number of microbreweries.South Coast Commercial is pleased to present for sale 4562 Hamilton Street, a seven-unit apartment complex in the University Heights/North Park neighborhood of San Diego, California. Constructed in 1980, the property consists of six, two-bedroom/one-bath and one, two-bedroom/one-and-a-half-bath units totaling 5,438 rentable square feet. Situated on a 6,996-square foot lot. The property is located in one of San Diego's premier rental submarkets with current vacancy rates below two percent. The property represents an opportunity for an investor to own a well-maintained asset with minimal deferred maintenance. Units have all recently been properly maintained by a hands-on owner. Tenants enjoy off-street parking, on-site laundry, and additional storage locker units. Further upgrading of the units to higher-end finishes will allow a new owner to capture significant rent gains. A true value-add opportunity for the new owner in the following ways: • Raise rents to market by instituting maximum allowable rent increases per year - OR • Full Renovation - empty the building to perform substantial renovations and then re-rent the units at market rates • Add 2 ADU units by converting the front enclosed parking area into livable units. Convert the front landscaped area into additional parking for tenants. The neighborhood has benefited from recent gentrification in North Park and University Heights with the revitalization along The 30th Street/University Avenue and Park/Adams Avenue corridors feature new dining, retail, and entertainment outlets. With easy access to San Diego's main employment hubs via Interstates 8, 805, and 163, the property draws from a large and diverse tenant base.