Cottage Style-7 Park Spot-High Density Zoning 3970-3974 Florida St 5 Unit Apartment Building $2,514,903 CAD ($502,981 CAD/Unit) 4.91% Cap Rate San Diego, CA 92104

3970-74 Florida Street presents the opportunity to acquire a five-unit multifamily asset in San Diego’s North Park neighborhood. The property consists of five residential units situated across three structures with seven on-site parking spaces. Recent renovations and interior upgrades position the asset to appeal to today's renter base while providing an established income stream and future operational upside.
The unit mix includes three one-bedroom residences and two two-bedroom residences. Interior improvements reportedly include vinyl plank flooring, upgraded cabinetry, recessed lighting, dual-pane windows, gas ranges, and air conditioning systems. The property is located on a 7,490-square-foot parcel with RM-3-9 zoning and a Complete Communities Housing Solutions (CCHS) overlay, creating additional long-term planning and redevelopment considerations for investors evaluating future value creation opportunities.
North Park remains one of San Diego's most recognized urban neighborhoods, supported by a walkable environment, established dining and retail destinations, and convenient access to Balboa Park, Downtown San Diego, Mission Valley, and major employment centers. The surrounding area benefits from proximity to healthcare institutions, universities, regional transportation corridors, and San Diego International Airport, supporting ongoing residential demand. The brochure also identifies the property as being located within an Opportunity Zone, where qualifying investments may be eligible for applicable Opportunity Zone tax benefits.
At the offering price of $1,795,000, the property is marketed with a scheduled cap rate of 4.91% and scheduled net operating income of $88,168, with additional upside outlined through pro forma operations.