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… Read More 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. Read Less
Courtesy of ACI Apartments, 619-299-3000, Ricardo D Lopez II.
Listing Snapshot
Days Online
69
Last Updated
Property Type
Com-Res Income
Beds
21
Full Baths
19
Square Ft.
11,343
Lot Size
0.13 Acres
MLS Number
260021771
Additional Details
Building
Living area: 11343.0, Living area units: Sqft, 1 building, Levels: 4 Story
Community
Elevator
Cooling
Central Forced Air Elec
Expenses
Operating: $157,567
Heating
Central Forced Air Elec
Income
Gross ScheduledIncome: $544,992
Lot
0.13448 acres
Taxes
Parcel Number: 445-631-08-00, Zoning: R-3:RESTRI
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