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Tracy Baker

tracy@tracybbaker.com +1(619) 507-4230

$ 7,950,000

Est. payment | -/mo

21 Beds

19 Baths

11,343 SqFt

Save

$ 7,950,000

Est. payment | -/mo

Save

21 Beds

19 Baths

11,343 SqFt

Key Details

Property Type Single Family Home

Sub Type Com-Res Income

Listing Status Active

Purchase Type For Sale

Square Footage 11,343 sqft

Price per Sqft $700

MLS Listing ID 260021771

Bedrooms 21

Full Baths 19

Lot Size 5,858 Sqft

Property Sub-Type Com-Res Income

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

Community Elevator

Area Metro Uptown

Interior

Heating Central Forced Air Elec

Cooling Central Forced Air Elec

Fireplace No

Exterior

View Y/N No

Building

Story 4

Others

Senior Community No

Tax ID 445-631-07-00

Listed by Ricardo D Lopez II, DRE#01936528 ACI Apartments

NEARBY SCHOOL & BUSINESS

+1(619) 507-4230

tracy@tracybbaker.com

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4015 Richmond St San Diego, CA 92103