4209 15 3rd Avenue, San Diego, California 92103, San Diego, - bed, bath

home-pic
ACTIVE$2,100,000
4209 15 3rd Avenue, San Diego, California 92103
0Bed
0Bath
2,900Sqft
5,000Lot
Year Built
1971
Close
-
List price
$2.1M
Original List price
$2.1M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
PTP2504029
Home ConditionPoor
Features
View-

About this home

Rare multi-unit investment opportunity in an unbeatable location! True owner occupant opportunity. This property is ideal for owner-occupancy and an excellent investment for someone looking to live in a central neighborhood in San Diego. For the first time in generations, this exceptional 4-unit property is available--a truly rare find in one of San Diego's most sought-after locations. This property offers the perfect blend of charm, convenience, and income potential. All units are 2-bedroom, 1-bath. A perfect opportunity for an owner-occupant looking to have his/her cake and eat it too. This beautiful 2-bedroom 1 bath 4-unit property offers great financing flexibility and investment potential for the season investors looking for replacement property under a 1031 exchange or owner-occupied buyer to live in one and rent the other 3 units. Tenants enjoy close proximity and being steps away from world class restaurants and entertainment. This property is one of 2 properties in a portfolio being offered for sale. Each property can be purchased on an individual basis. Don’t miss this fantastic opportunity to acquire a value-add coastal asset with healthy current income and development potential in one of San Diego’s most desirable residential submarkets!

Price History

Date
Event
Price
06/01/25
Listing
$2,100,000
Condition Rating
Poor

Built in 1971, this multi-unit property shows significant age throughout. The kitchens and bathrooms are extremely dated, featuring original or very early 70s/80s style wood cabinets, laminate countertops, older white appliances (including fluorescent lighting in kitchens), and basic tile/linoleum flooring. While the property appears functional, it requires substantial rehabilitation to modernize the units and bring them up to current standards. The 'value-add' description in the listing further supports the need for significant investment in renovations, aligning with the 'poor' condition criteria for properties built over 30 years ago with renovations 30-50 years ago, requiring substantial repairs and rehabilitation.
Pros & Cons

Pros

Prime Location: Situated in San Diego's highly sought-after Mission Hills (92103) neighborhood, offering tenants and owner-occupants immediate access to world-class restaurants, entertainment, and urban conveniences.
Multi-Unit Income Potential: A rare 4-unit property (quadruplex) providing significant income potential with healthy current income, ideal for investors seeking consistent cash flow.
Owner-Occupancy Opportunity: Offers a unique 'live-in-one, rent-out-three' model, allowing an owner-occupant to significantly offset their mortgage while enjoying a prime San Diego location.
Value-Add & Development Potential: Described as a 'value-add coastal asset' with 'development potential,' suggesting opportunities for future appreciation through renovations or strategic redevelopment.
Rarity in Market: Available for the first time in generations, this is a truly rare find in a desirable submarket, creating a unique acquisition opportunity.

Cons

Age and Potential for Deferred Maintenance: Built in 1971, the property's age suggests that major systems (plumbing, electrical, HVAC, roof) may be original or require significant updates, implying potential for substantial capital expenditures.
Lack of Specific Unit Condition Details: The description does not provide details on the interior condition or recent renovations of the individual 2-bedroom, 1-bath units, suggesting they may be dated and require investment to maximize rental value.
High Capital Investment: With a list price of $2.1 million, this property represents a significant financial commitment, potentially limiting the pool of prospective buyers to well-capitalized investors or owner-occupants.

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