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North Park Cottages 3938-3942 Florida St 6 Unit Apartment Building $3,502,986 CAD ($583,831 CAD/Unit) 3.57% Cap Rate San Diego, CA 92104

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Investment Highlights

Prime North Park Location Bordering Hillcrest
~27% of Upside in Rents
ADU Potential Through Garage Conversion and/or Redevelopment of the Oversized Lot. (

Cottage Style Units with Patios and Yard Space
Rooftop Deck with Stunning Views

Executive Summary

Six (6) Cottages on a 9,371 sq ft lot in a prime North Park location with a Walk Score of 93. The property is located just east of the Hillcrest border and is walking distance to Park Boulevard and University Avenue’s Restaurants, Cafes and Bars. The property features five (5) well maintained 1bedroom/1bath cottage-style units, along with a large 2beddroom/1bath house each with its own patio and yard space and several units with stunning views. There is approximately 27% upside in rental income and also offers ADU potential through garage conversion and/or redevelopment of the oversized lot. The grounds are well maintained and include six (6) garages and (2) two off-street parking spaces, boosting tenant appeal and the opportunity to achieve strong market rents.

Financial Summary (Actual - 2025)	Annual (CAD)	Annual Per SF (CAD)
Gross Rental Income	$207,706	$54.70
Other Income	-	-
Vacancy Loss	$6,231	$1.64
Effective Gross Income	$201,475	$53.06
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$76,556	$20.16
Net Operating Income	$124,919	$32.90

Financial Summary (Actual - 2025)

Gross Rental Income (CAD)
Annual	$207,706
Annual Per SF	$54.70

Other Income (CAD)
Annual	-
Annual Per SF	-

Vacancy Loss (CAD)
Annual	$6,231
Annual Per SF	$1.64

Effective Gross Income (CAD)
Annual	$201,475
Annual Per SF	$53.06

Taxes (CAD)
Annual	-
Annual Per SF	-

Operating Expenses (CAD)
Annual	-
Annual Per SF	-

Total Expenses (CAD)
Annual	$76,556
Annual Per SF	$20.16

Net Operating Income (CAD)
Annual	$124,919
Annual Per SF	$32.90

Property Facts

Price	$3,502,986 CAD	Building Class	C
Price Per Unit	$583,831 CAD	Lot Size	0.22 AC
Sale Type	Investment	Building Size	3,797 SF
Cap Rate	3.57%	Average Occupancy	100%
Gross Rent Multiplier	16.87	No. Stories	1
No. Units	6	Year Built	1940
Property Type	Multifamily	Parking Ratio	2.11/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Garden
Zoning	RM-3-9 - RM-3-9 // Complete Communities Tier 3: 6.5 FAR

Price	$3,502,986 CAD
Price Per Unit	$583,831 CAD
Sale Type	Investment
Cap Rate	3.57%
Gross Rent Multiplier	16.87
No. Units	6
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Garden
Building Class	C
Lot Size	0.22 AC
Building Size	3,797 SF
Average Occupancy	100%
No. Stories	1
Year Built	1940
Parking Ratio	2.11/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	RM-3-9 - RM-3-9 // Complete Communities Tier 3: 6.5 FAR