The Indiana

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Address: 3525 Indiana St, San Diego, CA 92103, USA

California & West + Apartment Buildings

Created date: January 6, 2025

Date last updated: January 6, 2025

• Extremely Attractive Assumable HUD
Financing: Fixed until 2056 at 2.5%
• Brand New 2019 Construction: High-quality
construction and finishes
• Exempt from AB 1482 Statewide Rent Control
Measures
• Parking: 21 garage spaces including 5 EV
charging units, plus 7 tuck-under carport
spaces
• High Occupancy with Very Low Turnover:
Rents are approximately $100/unit below
market
• Upside in Income: Potential with RUBS
program in addition to charging for gated
parking and storage. All units metered for
electric and water
• Newly Installed Solar Panels: Paid for and
eliminating electric bills
• Property Tax Savings: A portion of the
property (2 of the 23 units) has been approved
for The Mills Act
• Highly Desirable Location: Trip Advisor
ranks North Park as one of the coolest hipster
neighborhoods in the USA, attracting young
professionals wanting to live in urban San
Diego. Walk score of 83 – “Very Walkable”

Property Description

Marcus & Millichap is pleased to present an exceptional opportunity to own one of the most desirable properties in the 92103 (Hillcrest/North Park) Zip Code. The Indiana, constructed in 2019, comprises 21 condo-quality units with ultra high-end finishes. No expense was spared in creating this attractive garden-style rental community, which commands top-of-the-market rents. In 2023, the property experienced almost zero vacancy, with turnover historically released within a few days at higher rents, demonstrating its desirability within the local rental community. High-end flooring, cabinetry, stainless steel appliances, modern bathrooms, 9-foot ceilings, dishwashers, and in-unit washer/dryers are just a few of the amenities offered. The 2 cottage units have been fully upgraded and approved for The Mills Act Program, allowing for property tax savings on that portion. This beautiful property is located on the border of Hillcrest and North Park, two of the best rental neighborhoods in San Diego, attracting a diverse crowd of young professionals. The area’s walkability to many shops, restaurants, bars, and parks attracts higher-income renters than most other urban neighborhoods in San Diego County. Despite softening rental markets in other tertiary markets, The Indiana and surrounding neighborhoods continue to see solid rent growth. A new investor should feel comfortable knowing that they will be taking over a property with little to no deferred maintenance and immediate, stable upside in the rents.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$19,000,000
No. of Units:	23
Year Built:	2019
Building Size:	22,032 Sq ft
Lot Size:	0.54 Acres
Opportunity Zone:	No
Price per unit:	$826,087