4335 Cherokee Ave 8 Unit Apartment Building $3,339,041 CAD ($417,380 CAD/Unit) 2.83% Cap Rate San Diego, CA 92104

This is a rare opportunity to acquire an 8-unit apartment building in the highly desirable Normal Heights neighborhood of San Diego. Located at 4335 Cherokee Avenue, this property offers a mix of three two-bedroom units and five one-bedroom units, each with either garage or off-street parking. Built in the early 1970s, the building retains its original character and presents significant value-add potential for investors seeking upside through renovations.
The property has not undergone the extensive repositioning seen in many comparable assets in the area, creating an opportunity to capture a projected 50% rental increase through strategic upgrades. Enhancements such as modernized kitchens and baths, in-unit laundry installations, and selective layout modifications can elevate the property to meet current market expectations. Air conditioning, included in the original construction, adds to the appeal for future tenants.
Situated in a vibrant, walkable community with a Walk Score of 91, residents enjoy easy access to local dining, retail, and entertainment options. The property is well-connected to major freeways, including I-8, I-15, and I-805, and is just minutes from downtown San Diego and San Diego State University. This offering combines location strength, income growth potential, and long-term investment stability in one of San Diego’s most dynamic neighborhoods.