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Renovated 5-Unit + CCHS Development Upside 3970-3974 Florida St 5 Unit Apartment Building $1,875,000 ($375,000/Unit) 4.65% Cap Rate San Diego, CA 92104
Investment Highlights
- Comprised of five units: a mix of one-bedroom/one-bath and two-bedroom/one-bath apartments providing diversified rental income and flexible leasing
- Located in North Park with superior walkability and strong neighborhood amenities. Transit, dining, retail and employment hubs
- Approximately 2,584 square feet of residential space on a mid-sized 7,490-square-foot lot
- Zoned RM-3-9 with a CCHS overlay, enabling potential redevelopment or densification subject to entitlements
Executive Summary
3970–74 Florida Street is a thoughtfully redesigned five-unit multifamily community located in the heart of North Park, one of San Diego’s most walkable, amenity-rich, and supply-constrained urban neighborhoods. Set on a 7,490 SF parcel and zoned RM-3-9 with a Complete Communities Housing Solutions (CCHS) overlay, the property offers both stable income characteristics and meaningful long-term development potential.
The unit mix consists of three one-bedroom, one-bath units and two two-bedroom, one-bath units, each improved with modern finishes including vinyl plank flooring, upgraded cabinetry, gas ranges, recessed lighting, dual-pane windows, and air conditioning systems. The interior improvements provide a clean, contemporary living environment aligned with current renter preferences.
The unit mix consists of three one-bedroom, one-bath units and two two-bedroom, one-bath units, each improved with modern finishes including vinyl plank flooring, upgraded cabinetry, gas ranges, recessed lighting, dual-pane windows, and air conditioning systems. The interior improvements provide a clean, contemporary living environment aligned with current renter preferences.
Property Facts
| Price | $1,875,000 | Apartment Style | Low-Rise |
| Price Per Unit | $375,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 4.65% | Building Size | 2,584 SF |
| Gross Rent Multiplier | 13.93 | No. Stories | 2 |
| No. Units | 5 | Year Built/Renovated | 1989/2023 |
| Property Type | Multifamily | Parking Ratio | 1.93/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R3 | ||
| Price | $1,875,000 |
| Price Per Unit | $375,000 |
| Sale Type | Investment |
| Cap Rate | 4.65% |
| Gross Rent Multiplier | 13.93 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 2,584 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1989/2023 |
| Parking Ratio | 1.93/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 |
Amenities
Unit Amenities
- Kitchen
- Oven
- Tub/Shower
- Pantry
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Controlled Access
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 2 | - | - |
1 1
Walk Score®
Walker's Paradise (93)
Property Taxes
| Parcel Number | 445-671-30 | Improvements Assessment | $256,009 |
| Land Assessment | $796,478 | Total Assessment | $1,052,487 |
Property Taxes
Parcel Number
445-671-30
Land Assessment
$796,478
Improvements Assessment
$256,009
Total Assessment
$1,052,487
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Renovated 5-Unit + CCHS Development Upside | 3970-3974 Florida St
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