Investment Overview

Zorbas, Huffman, and Partners of Marcus & Millichap are pleased to present 3354 32nd Street, a newly renovated 6-unit investment opportunity in North Park, San Diego. Built in 1964, the property is comprised of four (4) two-bedroom/ one-bathroom units and two (2) three-bedroom/two-bathroom units that total 5,732 square feet of rentable space. The property recently underwent an extensive interior and exterior renovation program. Each unit is finished with contemporary fixtures and features, including quartz countertops, stainless steel appliances, full kitchen appliance packages, HVAC, built-in shelves, tile backsplashes, vinyl plank flooring, and beautiful custom cabinetry. Each unit also includes an in-unit washer/dryer. The property’s major property systems were also upgraded, which includes all new foundation posts and piers (raised foundation), new plumbing copper supply lines throughout, and new electrical and main service panel. The property also has all new windows, Santa Barbara smooth stucco, and upgraded insulation and drywall throughout. The property’s catwalks were also rebuilt with framing and water proofing and the metal work throughout the staircases and decks has been replaced. Lastly, the common areas have been upgraded with luxury Belgard pavers, turf, and fencing surrounding the perimeters. The subject property is located in North Park, one of the most coveted locations for renters in San Diego. In itself, the site location is outstanding, offering premium visibility and walkability. The property boasts a walkability score of 92, which walkscore.com calls “a walker’s paradise.” It is approximately half a mile from Morley Field/Balboa Park, which offers tennis courts, a public pool, baseball fields, an archery range, hiking trails, a dog park, a disc golf course, a playground, and a speed track for cyclists. Residents at the subject property enjoy immediate walking access to the many bars and restaurants on 32nd Street, 30th street, and University Ave. Lastly, residents enjoy easy access to Interstate 805 and are just minutes away from San Diego’s largest employment centers, including Downtown, Mission Valley, and Kearny Mesa. This property presents a unique opportunity for an investor to purchase a recently renovated luxury asset in North Park, one of the strongest submarkets at the forefront of rental growth in San Diego. With its innovative design, luxurious enhancements, and optimal unit mix ideal for the local workforce and families, 3354 32nd Street provides investors with the unique opportunity to acquire a significant next-generation asset that is poised to capture steady rental premiums for generations.