REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 7,950,000
Est. payment | /mo
5,858 Sqft Lot
$ 7,950,000
Est. payment | /mo
5,858 Sqft Lot
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 260021771SD
HOA Y/N No
Lot Size 5,858 Sqft
Property Sub-Type Mixed Use
Property Description
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.
Location
State CA
County San Diego
Area 92103 - Mission Hills
Interior
Heating Forced Air
Fireplace No
Others
Tax ID 4456310700
Listed by Ricardo Lopez ACI Apartments #01936528
Nearby Locations
Making real estate fast, fun, and stress-free!