Investment Overview

Marcus & Millichap is pleased to present 4232-34 Adams Avenue in the Kensington submarket. The property consists of (3) legal units and (1) non-conforming office space. There are (2) cottage units, each with one bedroom and one bathroom. The bottom ?oor of 4234 Adams Avenue is a commercial office space that has been owner occupied for over 40 years (not renovated). The top unit is a spacious two bedroom/one bath suite that has a 425 square foot private deck that over looks Adams Avenue and was remodeled in 2020. Unit 4232 (front cottage) was renovated in 2020 including new ?oors, kitchen and bathroom. A deck was also added around the south and east side of the unit. Unit 4232 1/2 has just been completely remodeled including $60,000 in renovations. New plumbing and electrical has been installed, as well as a new mini split AC unit. New ?ooring, shaker cabinets, quartz countertops, appliance suite (including stackable washer and dryer) and paint were included in the renovations. The unit also has a private backyard. The property sits on a 6,651 sqft lot with over 80 feet of frontage on Adams Avenue. Because the property sits within the Transportation Priority Area (TPA) it has been given Complete Communities Housing Solutions designation. The tier 3 zoning allows for an FAR of 6.5 and a buildable square footage of 43,231. Realistically a developer would be able to build 20 to 30 new construction units and because it has both residential and commercial zoning, there could be a mixed use component on the ground ?oor. Kensington is one of the most sought after neighborhoods in all of San Diego because of its quaint feel, charming shops and restaurants and outstanding location. Both young professionals and families seek out this neighborhood because of its tight knit community. Restaurants include Cucina Sorella, Ponce’s, and Blue Boheme. Another advantage is it’s proximity to both Normal Heights and North Park which provide more nightlife and activities for residents.