3501 Park Blvd - Apartments FOR SALE


San Diego, CA 92103- North Park
$17,750,000 USD
720-841-8139
3501 Park Blvd, San Diego, CA for Sale
$17,750,000 USD
Apartments - FOR SALE
1/56
null | 3.08% Cap Rate

3501 Park Blvd
San Diego, CA 92103
North Park


HIGHLIGHTS

  • Coveted Park Boulevard Frontage Near Park
  • Opportunity To Develop For Maximum Density Or Refurbish Existing Legacy Assemblage
  • Complete Communities Tier 3 Allows For 6.5 FAR; ~240 SF Of Frontage On Park Blvd
  • Extremely Rare Land Assemblage Of 39,189 SF In One Of The Most Trendy So-Cal Neighborhoods
  • Existing Buildings Are In Immaculate Condition Providing Substantial Rental Income During Permitting
  • Extremely Large Meticulously Maintained Units & Home On Rare Trading Park Boulevard

OVERVIEW

We are pleased to present 3501–3535 Park Boulevard, an exceptionally rare opportunity to acquire a ±39,189 SF (.9-acre) development site spanning five contiguous parcels in the highly coveted Hillcrest neighborhood of San Diego, California. All electrical has been upgraded, a majority f the roofs replaced, major window capital expenidtures and $200,000 of improvements to the single family home within the last few years. Units are in original to great condition. Located just steps from Balboa Park, this park-adjacent assemblage occupies nearly an entire city block and sits within the Complete Communities Tier 3 overlay—offering a generous maximum FAR of 6.5, allowing for significant density and vertical scale. With multiple value-creation strategies in play, this offering is ideal for developers, investors, and long-term holders alike. The site can be repositioned as a high-density multifamily or mixed-use development, expanded upon through adaptive reuse of the existing structures, or held as a legacy asset with strong in-place cash flow and upside through rental increases. The current improvements include four low-density multifamily buildings (totaling 27 units) and a large 3-bedroom house. The existing units are fully leased, wellmaintained, and professionally managed by the long-term owner/operator. 3501–3535 Park Blvd sits at the intersection of one of San Diego’s most supplyconstrained submarkets and one of its most progressive land-use overlays. With its prime location, transit accessibility, income-generating existing structures, and substantial development potential, the property represents one of the most compelling infill opportunities in central San Diego.

FOR SALE DETAILS

PRICE

$17,750,000 USD

PRICE/SF

$666 USD /SF

# OF UNITS

28

PRICE/UNIT

$633,929

CAP RATE

3.08%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Park Boulevard Classic Portfolio

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1929

PARKING SPACES

25

LAND DETAILS

LAND ACRES

0.9 AC

LAND SF

39,204 SF

ZONING

RM-2-5, San Diego

APN/PARCEL ID

452-361-12

ASK ABOUT THIS PROPERTY

720-841-8139

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

720-841-8139

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.