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3351-3359 Madison Ave
San Diego, CA 92116
Multifamily Property For Sale
·
16 Units
Investment Highlights
- Prime Normal Heights location steps from Adams Avenue’s dining and nightlife
- Significant upside with rents well below market
- Historically near 100% occupancy with strong tenant retention
- Three separate parcels offering flexible financing and exit strategies
- Extensive capital improvements including roofs, windows, and sewer lines
- Convenient access to I-805, I-15, Mission Valley, and Downtown San Diego
Executive Summary
This rare offering features three meticulously maintained apartment buildings in the highly desirable Normal Heights neighborhood of San Diego. Located just steps from the vibrant Adams Avenue corridor, residents enjoy walkable access to eclectic dining, boutique retail, and lively nightlife. The property’s strategic position between I-805 and I-15 ensures quick connectivity to Mission Valley and Downtown San Diego, enhancing its appeal for renters seeking convenience and lifestyle.
Comprising 16 studio units across three separate parcels, this portfolio presents a compelling value-add opportunity. Current rents are significantly below market, creating immediate upside for investors. Each building has undergone extensive upgrades, including new siding, windows, roofs under warranty, and major plumbing improvements with a 15-year sewer line warranty. With historically low vacancy and strong rental demand, this asset offers stability and growth potential in one of San Diego’s most dynamic neighborhoods.
The property’s configuration allows for creative strategies—whether holding as a cash-flowing investment, repositioning for higher rents, or leveraging separate APNs for flexible financing. This is an ideal candidate for a 1031 exchange or long-term portfolio addition.
Comprising 16 studio units across three separate parcels, this portfolio presents a compelling value-add opportunity. Current rents are significantly below market, creating immediate upside for investors. Each building has undergone extensive upgrades, including new siding, windows, roofs under warranty, and major plumbing improvements with a 15-year sewer line warranty. With historically low vacancy and strong rental demand, this asset offers stability and growth potential in one of San Diego’s most dynamic neighborhoods.
The property’s configuration allows for creative strategies—whether holding as a cash-flowing investment, repositioning for higher rents, or leveraging separate APNs for flexible financing. This is an ideal candidate for a 1031 exchange or long-term portfolio addition.
Property Facts In Escrow
| Price Per Unit | $224,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 4.77% | Building Size | 8,524 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 2.08/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | MR15B, City of S.D. | ||
| Price Per Unit | $224,250 |
| Sale Type | Investment |
| Cap Rate | 4.77% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 8,524 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 2.08/1,000 SF |
| Zoning | MR15B, City of S.D. |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Storage Space
- Public Transportation
- Individual Locking Bedrooms
- Private Bathroom
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | - | 600 |
Property Taxes
| Parcel Number | 447-522-01 | Improvements Assessment | $198,864 |
| Land Assessment | $176,604 | Total Assessment | $375,468 |
Property Taxes
Parcel Number
447-522-01
Land Assessment
$176,604
Improvements Assessment
$198,864
Total Assessment
$375,468
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