3225-33 Adams AveSan Diego, CA 92116

This exceptional 9-unit apartment building, located at 3225-33 Adams Avenue in San Diego's desirable Normal Heights neighborhood (92116), presents a compelling value-add opportunity. Built in 1927, this Fee Simple property sits on a 6,347 sq ft lot and offers 4,795 sq ft of net rentable space, currently generating a NOI of $78,783 (2.33% cap rate), with a pro-forma NOI projected at $167,722 (4.95% cap rate). The asking price is $3,385,000, or $376,111 per unit. The unit mix includes one two-bedroom/one-bathroom unit and eight one-bedroom/one-bathroom cottage units, each featuring refurbished hardwood floors and unique cottage-style layouts with no shared walls. Recent upgrades include new roofs with SPF, epoxy sewer line relining, an upgraded electrical system, and a completely rebuilt rear staircase. Amenities include a charming communal courtyard, secure gated entry, and excellent walkability to local shops and restaurants. Five attached single-car garages offer significant potential for the addition of Accessory Dwelling Units (ADUs). The property's prime location on Adams Avenue provides easy access to freeways 15 and 805, and the vibrant North Park neighborhood is just blocks away. This is a rare opportunity to acquire a well-maintained property with substantial rental upside and ADU potential. The land value is $729.93 per square foot.