Melrose Canyon Apartments 4053 8th Ave

CBRE is pleased to present the opportunity to acquire the Melrose Canyon Apartments, a 52-unit apartment community located within San Diego’s vibrant uptown and highly coveted Hillcrest neighborhood. The property is comprised of three (3) two and three-story buildings situated on a 36,590 square-foot lot. This unique opportunity appeals to both value add investors and ground-up developers. The property is situated within the Tier 2 Complete Communities Housing Solutions overlay zone allowing for a redevelopment of up to 292,720 square feet of building area. The Melrose Canyon Apartments have unique views of the Mission Valley Hillside Open Space from select units. The property was built in 1970, has been under the same ownership for 30 years, and presents a rare opportunity for an investor to achieve scale in one of the most coveted submarkets in San Diego.
The submarket has seen some of the lowest transaction volume in the 50+ unit space in the county due to the lack of sizable inventory and legacy ownership that dominates the area. After 30 years of the same continuous ownership, Melrose Canyon Apartments is available for purchase. The 52-unit value-add apartment opportunity is across the canyon from the Scripps Mercy Hospital and Hillcrest Medical Center at UC San Diego Health while being proximate to some of the most walkable streets in all the county. The community is minutes away from Balboa Park, The Lafayette Hotel, Downtown San Diego, the Gaslamp District, Little Italy, Petco Park, Mission Valley, various retail corridors in Hillcrest, North Park, South Park, and Downtown while providing unmatched freeway access plugging tenants into the employment hubs of UTC, Sorrento Valley, Downtown and Mission Valley.