Multifamily Property for Sale in San Diego, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: San Diego, CA 92116

Description

Pleased to present 3226-32 Adams Avenue located in San Diego, California. Originally built in 1938, the 8-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 0.15 acres lot and features approximately 3,750 rentable square feet. The unit mix consists of (2) one-bedroom / one-bathroom unit and (6) 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 added new roofs to the back building and two of the cottages. The main electrical panel, wiring and gas meters were also upgraded within the last 5 years. Several units have also been retrofitted with dual pane vinyl windows. Attractive tenant offerings include a quaint communal courtyard, secure gated entry, and unbeatable walkability to nearby retail. Parking is offered with (5) attached single-car garages that also create potential for an investor to add ADUs. With ample possibility for renovation, the property presents a strong value-add opportunity for an investor looking to extensively renovate the units 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. 3226-32 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, with the 15 freeway simplifying commutes. Investment Highlights: • Highly Walkable Adams Avenue Location - Walk Score 94 • Detached Cottage Style Units - No Shared Walls • Value-Add Opportunity with Renovati

Market Context

This multifamily in San Diego, CA is listed for sale. It is offered at an approximate 2.0% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 days. Compare it against other multifamily listings for sale in San Diego, CA — <a href="/search/sale/multifamily/california/san-diego">view the full market</a>.

As of Q1 2026, the San Diego multifamily market showed average asking rents near $1183.00/unit/mo, and cap rates around 8.0%. Source: Consensus Q1 2026 market report.

Its 2.0% asking cap rate is below the San Diego multifamily market average of about 8.0%, reflecting premium pricing relative to comparable assets.

Multifamily market FAQ

What is the typical cap rate for multifamily in San Diego?
About 8.0% as of Q1 2026, per Consensus.

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