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$3,425,000
Est. payment /mo
17 Beds
7,701 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision North Park
MLS Listing ID OC26221753
Bedrooms 17
Lot Size 7,701 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
WD Land is pleased to present the opportunity to acquire Urban Heights, a 15-unit multifamily property at 38533865 Cherokee Avenue in the Cherokee Point neighborhood of central San Diego. The property sits where North Park, Normal Heights and City Heights meet, close to the restaurants, coffee shops and transit of the University Avenue corridor, with Balboa Park, Downtown and Mission Valley a short drive away. The offering spans two adjoining parcels totaling 13,806 SF. The first, 38533859 Cherokee, holds a 13-unit apartment community: a two-story stucco building with exterior walkways and a single-story front building beneath the propertys reclaimed-wood Urban Heights sign. The second, 38613865 Cherokee, is a cottage style craftsman duplex on its own lot behind a redwood privacy fence. Originally built in 1953, the property completed a full interior and exterior remodel in 2020, with new windows, a new roof, new electrical and plumbing upgrades. Units were refinished with plank flooring, shaker cabinetry, granite countertops, stainless appliances and fully tiled baths. At the offering price of $3,425,000 ($228,333 per unit and $506 per SF), Urban Heights trades at a 6.01% cap rate on in-place income and 6.64% at market rents, with a 9.91 GRM falling to 9.27 at market. That is roughly 26% below the $306,755 per-unit average of eight nearby sales since early 2025, at a cap rate 72 basis points above their 5.29% average. In-place one-bedroom rents average $1,761 against $2,044 among nearby one-bedroom comparables, leaving room to grow income as units turn. With a Walk Score o
Location
State CA
County San Diego
Zoning Assessor
Direction On the corner of Wightman St and and cherokee Ave
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 4474720600
Acceptable Financing Cash, Exchange
Listing Terms Cash, Exchange
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Listed by Tosh Everett, DRE#02212773 Salvatore Joseph Provenza Jr
Nearby School & Business
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