3853 Cherokee, San Diego, CA 92104
3853 Cherokee, San Diego, CA 92104
3853 Cherokee, San Diego, CA 92104
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Kobe Zimmerman

Kobe Zimmerman

+1(858) 753-3353
$3,425,000
Est. payment /mo
17 Beds
7,701 Sqft Lot
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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

Subdivision North Park

MLS Listing ID OC26221753

Bedrooms 17

Lot Size 7,701 Sqft

Property Sub-Type Res Income 2-4 Units

Property Description

WD Land is pleased to present the opportunity to acquire Urban Heights, a 15-unit multifamily property at 38533865 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, 38533859 Cherokee, holds a 13-unit apartment community: a two-story stucco building with exterior walkways and a single-story front building beneath the propertys reclaimed-wood Urban Heights sign. The second, 38613865 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 to 9.27 at market. That is roughly 26% below the $306,755 per-unit average of eight nearby sales since early 2025, at a cap rate 72 basis points above their 5.29% average. In-place one-bedroom rents average $1,761 against $2,044 among nearby one-bedroom comparables, leaving room to grow income as units turn. With a Walk Score o

Location

State CA

County San Diego

Zoning Assessor

Direction On the corner of Wightman St and and cherokee Ave

Interior

Fireplace No

Exterior

View Y/N No

Building

Story 2

Level or Stories 2

Others

Senior Community No

Tax ID 4474720600

Acceptable Financing Cash, Exchange

Listing Terms Cash, Exchange

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MLS Router / San Diego MLS
Listed by Tosh Everett, DRE#02212773 Salvatore Joseph Provenza Jr 

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3853 Cherokee