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Canopy North Park 3943 Oregon St 36 Unit Apartment Building For Sale San Diego, CA 92104
Investment Highlights
- In-place rents average 9.5% below relevant comps with clear NOI growth path
- 50% two-bedroom/two-bath unit mix drives stronger average rents and longer-tenured residents than competing new construction
- Walk Score of 97 out of 100 with daily errands, dining, and transit all accessible on foot
- Significant rent upside as amortized concessions burn off on renewals and new leases
- New construction asset with zero near-term capex exposure
- Signature rooftop terrace with panoramic views of Coronado, Downtown San Diego, and Uptown
Executive Summary
Newmark is pleased to present Canopy North Park, a 36-unit, new construction podium multifamily community delivered in 2025 and located in the heart of North Park's retail corridor. The seven-story, elevator-served building offers a best-in-class unit mix of studios, one-bedrooms, and two-bedrooms with an average size of 646 SF, featuring quartz countertops, stainless steel appliances, in-unit LG washer/dryers, dual-pane windows, and 9-foot ceilings throughout.
The property is currently 91.6% occupied with in-place rents averaging 9.5% below comparable new construction, presenting a clear NOI growth path as leases roll over the next 12 to 24 months. The RUBS program currently recovers only 41% of utility costs, offering additional upside potential. With 50% of units being two-bedroom/two-bath floor plans, the asset drives stronger average rents and longer resident tenure than competing product in the submarket.
Canopy carries a Walk Score of 97 and sits one block from North Park Community Park and University Avenue, with freeway access to over 900,000 jobs across biotech, defense, and healthcare within a 30-minute drive. North Park has sustained a 10-year average occupancy of 95.88% and a 10-year average market cap rate of 4.15% per CoStar, making it one of the strongest performing rental submarkets in the county.
The property is currently 91.6% occupied with in-place rents averaging 9.5% below comparable new construction, presenting a clear NOI growth path as leases roll over the next 12 to 24 months. The RUBS program currently recovers only 41% of utility costs, offering additional upside potential. With 50% of units being two-bedroom/two-bath floor plans, the asset drives stronger average rents and longer resident tenure than competing product in the submarket.
Canopy carries a Walk Score of 97 and sits one block from North Park Community Park and University Avenue, with freeway access to over 900,000 jobs across biotech, defense, and healthcare within a 30-minute drive. North Park has sustained a 10-year average occupancy of 95.88% and a 10-year average market cap rate of 4.15% per CoStar, making it one of the strongest performing rental submarkets in the county.
Property Facts
| Sale Type | Investment | Lot Size | 0.16 AC |
| No. Units | 36 | Building Size | 36,000 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 2025 |
| Building Class | B | Parking Ratio | 0.19/1,000 SF |
| Zoning | RM-3-9 | ||
| Sale Type | Investment |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 36,000 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 2025 |
| Parking Ratio | 0.19/1,000 SF |
| Zoning | RM-3-9 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Roof Terrace
- Elevator
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 425 |
| 1+1 | 12 | - | 490 - 496 |
| 2+2 | 18 | - | 783 - 899 |
Walk Score®
Walker's Paradise (97)
Property Taxes
| Parcel Number | 445-711-08 | Improvements Assessment | $0 |
| Land Assessment | $1,093,645 | Total Assessment | $1,093,645 |
Property Taxes
Parcel Number
445-711-08
Land Assessment
$1,093,645
Improvements Assessment
$0
Total Assessment
$1,093,645
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Canopy North Park | 3943 Oregon St
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