3853 Cherokee, San Diego, CA 92104

Property Description

WD Land is pleased to present the opportunity to acquire Urban Heights, a 15-unit multifamily property at 3853-3865 Cherokee Avenue in the Cherokee Point neighborhood of central San Diego. The property sits where North Park, Normal Heights and City Heights meet, close to the restaurants, coffee shops and transit of the University Avenue corridor, with Balboa Park, Downtown and Mission Valley a short drive away. The offering spans two adjoining parcels totaling ±13,806 SF. The first, 3853-3859 Cherokee, holds a 13-unit apartment community: a two-story stucco building with exterior walkways and a single-story front building beneath the property's reclaimed-wood Urban Heights sign. The second, 3861-3865 Cherokee, is a cottage style craftsman duplex on its own lot behind a redwood privacy fence. Originally built in 1953, the property completed a full interior and exterior remodel in 2020, with new windows, a new roof, new electrical and plumbing upgrades. Units were refinished with plank flooring, shaker cabinetry, granite countertops, stainless appliances and fully tiled baths. At the offering price of $3,425,000 ($228,333 per unit and $506 per SF), Urban Heights trades at a 6.01% cap rate on in-place income and 6.64% at market rents, with a 9.91 GRM falling t