4457-63 North ave - Prime University Heights 4-Plex on Large Lot 4 Unité Immeuble d’habitation offert à 2 259 460 $ CAD San Diego, CA 92116

CUSHMAN & WAKEFIELD IS PLEASED TO PRESENT 4457–63 NORTH AVENUE (“THE PROPERTY”), A RARE 4-UNIT COTTAGE-STYLE MULTIFAMILY OPPORTUNITY IN THE HEART OF UNIVERSITY HEIGHTS OFFERING STABLE IN-PLACE INCOME WITH MEANINGFUL LONG-TERM REDEVELOPMENT UPSIDE.
THE LOCATION. Situated mid-block along North Avenue in one of San Diego’s most supply-constrained and walkable urban neighborhoods, the Property provides immediate access to Park Boulevard and Adams Avenue’s dining, retail, and nightlife corridors. Residents are minutes from Hillcrest, North Park, Downtown San Diego, and Balboa Park, with seamless connectivity to I-8, SR-163, and I-805. The site represents an irreplaceable University Heights infill land position supported by strong rental demand and limited competing supply.
THE PROPERTY. The asset consists of four detached and semi-detached bungalow- style residences plus approximately 880 square feet of built-in garage space. The layout includes a larger primary house (approximately 788 SF), two 480 SF one-bedroom duplex, and one additional cottage unit arranged around expansive yard space, creating a true single-family residential feel uncommon in dense infill locations. The rear alley access serves four built-in garages — a valuable and increasingly rare amenity in this parking-constrained submarket. The improvements are well maintained yet present clear value-add potential through exterior refresh, interior modernization, and operational optimization, allowing investors to capture mark-to-market rent growth while preserving the Property’s architectural character.
THE UPSIDE. Beyond its current income profile, the site is underpinned by RM-2-5 base zoning with a CCHS Tier 2 designation permitting up to 8.0 FAR, allowing for approximately 56,000 buildable square feet — among the most compelling density allowances in San Diego’s premier infill neighborhoods. Situated within a designated Transit Priority Area, future development may qualify for reduced or eliminated parking requirements, further enhancing achievable unit count and overall efficiency. Additionally, existing improvements present the opportunity to incorporate Accessory Dwelling Units (ADUs), creating incremental density and income potential even prior to a full-scale redevelopment. 4457–63 North Avenue offers investors the rare opportunity to acquire stable cash flow today with significant long-term land and density optionality in one of San Diego’s most resilient multifamily corridors.