4161 ARIZONA St 9 Unit Apartment Building $3,100,000 ($344,444/Unit) 3.74% Cap Rate San Diego, CA 92104

We are pleased to present 4161 Arizona Street, a nine-unit apartment community ideally positioned in the highly coveted North Park neighborhood of San Diego, CA. Built in 1966, the property offers a well-balanced unit mix of three 2-bedroom/1-bath units and six 1-bedroom/1-bath units, providing broad appeal across the renter demographic.
The property is fully parked with nine dedicated off-street parking spaces, a meaningful amenity in a neighborhood where parking is at a premium. Additional operational highlights include on-site laundry, a recently upgraded main electrical panel, and partial upgrades to sub-panels, providing a strong capital foundation for an incoming investor.
With in-place rents meaningfully below current market rates, the opportunity to close the rent gap through strategic unit renovations represents a clear and compelling path to value creation. The implementation of a Ratio Utility Billing System (RUBS) presents an additional lever to reduce owner expenses and further enhance net operating income. An astute investor willing to executea targeted value-add business plan stands to substantially increase the property’s income and overall asset value.
Located in the heart of North Park, which is consistently ranked among San Diego’s most walkable and desirable urban neighborhoods, 4161 Arizona Street benefits from immediate proximity to the area’s renowned dining, craft beer culture, boutique retail, and live entertainment along University Avenue and 30th Street. Residents enjoy direct access to the 1,200-acre Balboa Park, home to world-class museums, gardens, and the San Diego Zoo. With a Walk Score of 86, North Park consistently ranks among San Diego’s most walkable communities, and its central location provides seamless connectivity to downtown San Diego and the broader county via major freeways and public
transit. Strong rental demand and low vacancy, driven by proximity to major job centers, make the fundamentals compelling for both long-term holds and value-add strategies.