Investment Overview

Marcus & Millichap is pleased to present The Monk Apartments, a fully entitled 21-unit RTI development opportunity located at 2889-91 Adams Avenue, San Diego, CA. The Monk Apartments is comprised of fourteen (14) one-bedroom units, five (5) studios, and two (2) loft-style units. Once constructed, the four-story project will span approximately 13,200 square feet of gross area (including exterior circulation), with 9,000 square feet of interior R-2 floor space. The building will be constructed as a Type VA, all-electric property with no on-site parking, prioritizing walkability and urban sustainability. The project includes a large 22-capacity bike storage room and features 100% exterior corridors and stairs, eliminating the need for interior hallways or podium parking. Located on the prominent corner of Adams Avenue and Kansas Street, The Monk Apartments is situated in the heart of North Park, one of San Diego’s most vibrant and eclectic urban neighborhoods. With a Walk Score in the mid-90s, residents will enjoy immediate access to Adams Avenue’s popular cafés, restaurants, and retail, as well as seamless connectivity to major freeways including I-805, I-15, and I-8. The area is known for its dense mix of local culture, thriving arts scene, and strong rental demand among young professionals and creatives. This project offers a rare opportunity to deliver a boutique, architecturally distinctive multifamily asset in a high-barrier-to-entry submarket. With an efficient unit mix, streamlined construction layout, favorable Google Fiber bulk internet agreement, and a design that blends seamlessly with the character of the surrounding community, The Monk Apartments is poised to become a standout addition to the North Park rental market.