3131-49 & 3151-57 Adams Avenue 2 Properties Offered at $4,900,000 in San Diego, CA

Pleased to present the 3131-49 & 3151-57 Adams Avenue Portfolio, a 17-unit multifamily and mixed-use portfolio located in San Diego, California. Situated along iconic
Adams Avenue in the highly desirable Normal Heights neighborhood, the offering consists of the adjacent 10-unit apartment complex at 3151-57 Adams Avenue and seven-unit mixed-use property at 3131-49 Adams Avenue. Originally built in 1939 and 1965, respectively, both assets were thoughtfully renovated in 2025 and combine for approximately 7,520 rentable square feet across 15,246 square feet of land. Additionally, the portfolio offers significant long-term redevelopment potential, as both properties are located within Complete Communities Tier 3, allowing up to 6.5 FAR, and are zoned CUPD-CU-3-3.
The residential component consists of 13 units, including two detached one-bedroom/one-bath cottages, two studios, and nine one-bedroom/one-bath apartments, complemented by four high visibility retail spaces at 3131-49 Adams Avenue. Current retail tenants include a massage studio, pet grooming salon, and bookstore occupying two combined commercial spaces. The residential units were recently remodeled with upgraded interiors including quartz countertops, updated cabinetry, new appliances, and renovated bathrooms, with select units featuring refinished original hardwood or new vinyl plank flooring. Each residential unit also features mini-split A/C systems and tankless water heaters, enhancing tenant comfort and operating efficiency. (7) apartment units have also been amenitized with in-unit, full-size stackable washer/dryers. Moreover, the 3151-57 Adams Avenue courtyard has been modernized with low-maintenance landscaping, new security doors, and secure gated entry. 3151-57 Adams Avenue also features a new roof further increasing the building’s longevity. Additional amenities include on-site laundry, seven off-street parking spaces, and four single-car garages that offer potential for ADU conversion to further maximize cash flow.
Located on Adams Avenue, the properties boast a Walk Score of 92 and are within blocks of the numerous dining, retail, entertainment, and recreational attractions Normal Heights and North Park have to offer. Tenants also benefit from convenient access to Interstates 805, 8, and 5, simplifying commutes throughout the San Diego metropolitan area. The Adams Avenue Portfolio presents a rare opportunity to acquire two adjacent, stabilized and recently renovated assets offering stable cash flow, remaining upside through rent growth and ADU conversion, and significant long-term redevelopment potential.