5-Unit Value-Add Multifamily Investment 3753-3759 42nd St 5 Unit Apartment Building $2,267,888 CAD ($453,578 CAD/Unit) 3.95% Cap Rate San Diego, CA 92105

Lee & Associates Multifamily Group - North San Diego County is pleased to present Forty Second Street Apartments, a 5-unit multifamily investment opportunity located at 3753-3759 42nd Street in San Diego, California. Situated on an approximately 7,427 square foot lot, the property consists of three separate residential buildings totaling approximately 3,000 square feet and features a diverse unit mix of (1) four-bedroom/two-bath unit, (1) two-bedroom/one-bath unit, (1) one-bedroom/one-bath unit, and (2) studio units. Originally constructed in 1937, the property offers investors a unique blend of stable cash flow, strong rental demand, and significant value-add potential in the highly sought-after City Heights / Colina Del Sol submarket.
The property benefits from separate gas and electric metering, helping reduce operating expenses and improve management efficiency. Additional amenities include two gated parking spaces, a secure gated entry, a communal courtyard, and supplemental income generated through parking revenue. The property's diverse unit mix appeals to a broad tenant base, ranging from individual renters to larger households seeking affordable housing options within central San Diego.
Ideally located in the heart of City Heights, the property provides convenient access to major employment centers, shopping, dining, schools, and public transportation. Residents benefit from close proximity to Interstate 15, Interstate 805, Downtown San Diego, Mission Valley, North Park, Kensington, and Balboa Park, making the location highly desirable for commuters and long-term tenants alike. The surrounding neighborhood continues to experience reinvestment and revitalization, supporting strong rental demand and long-term appreciation prospects.
With three separate buildings, a favorable unit mix, utility efficiencies, gated parking, and demonstrated rental upside, Forty Second Street Apartments presents an attractive opportunity for investors seeking a centrally located San Diego asset with both immediate income and future growth potential.
Buyer to verify all property information, including but not limited to square footage, lot size, unit count, unit mix, parking configuration, utility metering, permits, financial information, rental projections, and all other material aspects of the property.
Property Highlights
• 5-Unit Multifamily Investment Opportunity
• Unit Mix:
o (1) 4 Bed / 2 Bath
o (1) 2 Bed / 1 Bath
o (1) 1 Bed / 1 Bath
o (2) Studio Units
• ±3,000 SF Building Area
• ±7,427 SF Lot
• Three Separate Residential Buildings
• Built in 1937
• Individually Metered for Gas & Electric
• Gated Property
• (2) Gated Parking Spaces
• Additional Parking Income
• Communal Courtyard
• Strong Rental Upside Potential
• Convenient Access to I-15, I-805 & Downtown San Diego
• Located in the High-Demand City Heights / Colina Del Sol Submarket
• Minutes from North Park, Kensington, Mission Valley & Balboa Park
• Offered Exclusively by Lee & Associates Multifamily Group - North San Diego County
Offering Guidelines
All offers will be presented to ownership as received.
Ownership has indicated a preference for a closing on or before December 31, 2026.
Buyers are encouraged to submit their highest and best pricing and terms.
Seller reserves the right to accept, reject, or negotiate any offer at its sole discretion.
For More Information Contact
Eric von Bluecher | D 760.929.7846 | evb@lee-associates.com
Ivan Del Muro-Garcia | D 760.448.2451 | idmg@lee-associates.com
Lee & Associates Multifamily Group - North San Diego County