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Multifamily

3225-33 Adams Avenue

3225 Adams Ave, San Diego, CA 92116

Listing Price: $3,385,000

Cap Rate
2.33%
Number of Units
9
GRM
22.03
Occupancy
97.0%
Price/Unit
$376,111
Price/Gross SF
$849.22
Gross SF
3,986

Investment Overview

Marcus & Millichap is pleased to present 3225-33 Adams Avenue located in San Diego, California.
Originally built in 1927, the 9-unit apartment complex is located in the highly desirable
neighborhood of Normal Heights and boasts a Walk Score of 94. The complex rests on
a 6,347 square foot lot and features approximately 4,795 rentable square feet.

The unit mix consists of (1) two-bedroom / one-bathroom unit and (8) one-bedroom / one
bathroom cottage units. Units feature refurbished hardwood flooring and cottage-style layouts
with no shared walls. Current ownership has diligently maintained the property and recently
upgraded roofs with SPF and relined the sewer main with epoxy liner. The electrical system
has been upgraded and rear building staircase completely rebuilt. Attractive tenant offerings
include: a quaint communal courtyard, secure gated entry unbeatable walkability to nearby
retail. Parking is offered with (5) attached single car garages that also create potential for
an investor to add ADU's. With ample possibility for renovation, the property presents a strong
value-add opportunity for an investor looking to extensively renovate the units in order
to bring current rents to market and maximize overall cash flow.

Irreplaceably located on Adams Avenue in central Normal Heights, the property is nestled among
all the best attractions the neighborhood has to offer and enjoys easy access to the 15 and 805
freeways. The booming neighborhood of North Park is only a few blocks west and gives tenants
even more dining and retail options. 3225-33 Adams Avenue ultimately presents investors the
once in a generation opportunity to acquire a well maintained, value-add apartment complex
with significant rental upside and ADU potential.

Investment Highlights

  • Irreplaceable Location On Adams Avenue - Central Normal Heights
  • First Time On Market In Over 20 Years
  • Cottage Units With Expansive Courtyard
  • Value-Add Opportunity With Significant Upside
  • Various Recent Capital Improvements
  • (5) Single Car Garages - ADU Potential

Exclusively Listed By

Financing By

Multifamily

3225-33 Adams Avenue

Listing Price: $3,385,000

Cap Rate
2.33%
Number of Units
9
GRM
22.03
Occupancy
97.0%
Price/Unit
$376,111
Price/Gross SF
$849.22
Gross SF
3,986

Investment Highlights

  • Irreplaceable Location On Adams Avenue - Central Normal Heights
  • First Time On Market In Over 20 Years
  • Cottage Units With Expansive Courtyard
  • Value-Add Opportunity With Significant Upside
  • Various Recent Capital Improvements
  • (5) Single Car Garages - ADU Potential

Investment Overview

Marcus & Millichap is pleased to present 3225-33 Adams Avenue located in San Diego, California. Originally built in 1927, the 9-unit apartment complex is located in the highly desirable neighborhood of Normal Heights and boasts a Walk Score of 94. The complex rests on a 6,347 square foot lot and features approximately 4,795 rentable square feet. The unit mix consists of (1) two-bedroom / one-bathroom unit and (8) one-bedroom / one bathroom cottage units. Units feature refurbished hardwood flooring and cottage-style layouts with no shared walls. Current ownership has diligently maintained the property and recently upgraded roofs with SPF and relined the sewer main with epoxy liner. The electrical system has been upgraded and rear building staircase completely rebuilt. Attractive tenant offerings include: a quaint communal courtyard, secure gated entry unbeatable walkability to nearby retail. Parking is offered with (5) attached single car garages that also create potential for an investor to add ADU's. With ample possibility for renovation, the property presents a strong value-add opportunity for an investor looking to extensively renovate the units in order to bring current rents to market and maximize overall cash flow. Irreplaceably located on Adams Avenue in central Normal Heights, the property is nestled among all the best attractions the neighborhood has to offer and enjoys easy access to the 15 and 805 freeways. The booming neighborhood of North Park is only a few blocks west and gives tenants even more dining and retail options. 3225-33 Adams Avenue ultimately presents investors the once in a generation opportunity to acquire a well maintained, value-add apartment complex with significant rental upside and ADU potential.

Exclusively Listed By

Financing By

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