4626 32nd St 3 Unit Apartment Building $1,900,000 ($633,333/Unit) San Diego, CA 92116

Whitewater Commercial Real Estate is pleased to present a modern 12-unit permit-ready (RTI) multifamily development opportunity with an existing fully renovated duplex located in the heart of Normal Heights, just steps from the Adams Avenue corridor. Situated on a 6,250 SF lot, the property currently features a renovated duplex, single-family home, and detached shed. Utilizing the City of San Diego's ADU Bonus Program, the approved plans call for demolition of the single-family home and shed and construction of a new 12-unit multifamily building behind the existing duplex. Plans will be delivered fully approved and ready to issue upon payment of final permit fees.
The new 12-unit building will consist of (7) market-rate 1BD/1BA units, (4) moderate-income units (110% AMI), and (1) inclusionary low-income unit (60% AMI) across three stories, with private decks for all but one unit. Unit sizes range from approximately 430–450 SF. The existing single-story duplex will remain as part of the property and includes (2) fully renovated 1BD/1BA units of approximately 400 SF each, providing immediate rental income and flexibility during construction.
Located less than a block south of Adams Avenue, 4626 32nd Street offers excellent walkability to neighborhood cafés, restaurants, and retail. With quick access to the 805, 8, and 15 freeways, the site provides easy commutes to Mission Valley, North Park, and Downtown. The property's efficient all-one bedroom unit mix and central infill location make this an ideal build-for-sale or long-term investment opportunity in one of San Diego's most dynamic neighborhoods.