Listing Broker: Salvatore Joseph Provenza Jr
Listing Agent: Tosh Everett
DRE #01954054: 02212773
760-840-7073
WD Land is pleased to present the opportunity to acquire Urban Heights, a 15-unit multifamily property at
3853–3865 Cherokee Avenue in the Cherokee Point neighborhood of central San Diego. The property
sits where North Park, Normal Heights and City Heights meet, close to the restaurants, coffee shops
and transit of the University Avenue corridor, with Balboa Park, Downtown and Mission Valley a short
drive away.
The offering spans two adjoining parcels totaling ±13,806 SF. The first, 3853–3859 Cherokee, holds a 13-unit
apartment community: a two-story stucco building with exterior walkways and a single-story front building
beneath the property’s reclaimed-wood Urban Heights sign. The second, 3861–3865 Cherokee, is a cottage
style craftsman duplex on its own lot behind a redwood privacy fence. Originally built in 1953, the property
completed a full interior and exterior remodel in 2020, with new windows, a new roof, new electrical and
plumbing upgrades. Units were refinished with plank flooring, shaker cabinetry, granite countertops,
stainless appliances and fully tiled baths.
At the offering price of $3,425,000 ($228,333 per unit and $506 per SF), Urban Heights trades at a 6.01%
cap rate on in-place income and 6.64% at market rents, with a 9.91 GRM falling to 9.27 at market. That is
roughly 26% below the $306,755 per-unit average of eight nearby sales since early 2025, at a cap rate 72
basis points above their 5.29% average.
In-place one-bedroom rents average $1,761 against $2,044 among nearby one-bedroom comparables,
leaving room to grow income ...
+ Read More| Listing Id: | OC26221753 |
|---|---|
| Property Type: | Residential Income |
| Status: | Active |
| Lot Size Acres: | 0.1768 |
| Waterfront?: | No |
| Subdivision: | North Park |
| Year Built: | 1953 |
| Basement Yn: | No |
| Building Area Units: | SquareFeet |
| Common Walls: | TwoCommonWallsOrMore |
| Cooling: | None |
| Electric Expense: | $4,663 |
| Entry Level: | 1 |
| Fireplace Features: | None |
| Fuel Expense: | 0.0 |
| Gross Scheduled Income: | $345,732 |
| Heating: | WallFurnace |
| Levels: | Two |
| Listing Contract Date: | 2026-10-12 |
| Lot Features: | ElevenToFifteenUnitsAcre |
| Lot Size Area: | 7701.0 |
| Lot Size Source: | Assessor |
| Net Operating Income: | $205,934 |
| Number Of Separate Electric Meters: | 15 |
| Number Of Separate Water Meters: | 1 |
| Property Attached?: | Yes |
| Rent Control?: | Yes |
| State Or Province: | CA |
| Stories: | 2 |
| Trash Expense: | $6,848 |
| Property Sub Type Additional: | Apartment |
| Country Subdivision: | 06073 |
| Universal Parcel Id: | urn:reso:upi:2.0:US:06073:4474720600 |
| List Price: | $3,425,000 |
|---|---|
| Property Sub Type: | Apartment |
| Lot Size Square Feet: | 7,701.0 |
| City: | San Diego |
| County Or Parish: | San Diego |
| Postal Code: | 92104 |
| Number Of Units Total: | 15 |
| Building Area Total: | 5148.0 |
| Common Interest: | None |
| Community Features: | Biking, Curbs, DogPark, Gutters, Park, StormDrains |
| Directions: | On the corner of Wightman St and and cherokee Ave |
| Elevation Units: | Feet |
| Entry Location: | 1 |
| Garage Spaces: | 0.0 |
| Gross Income: | $345,732 |
| Heating?: | Yes |
| Insurance Expense: | $9,000 |
| Laundry Features: | CommonArea |
| Listing Agreement: | ExclusiveRightToSell |
| Listing Terms: | Cash, CashToNewLoan, Exchange1031, FannieMae, FreddieMac |
| Lot Size Acres: | 0.1768 |
| Lot Size Units: | SquareFeet |
| MLS Area Major: | 92104 - North Park |
| Number Of Buildings: | 1 |
| Number Of Separate Gas Meters: | 15 |
| Operating Expense: | $122,511 |
| Original List Price: | $3,425,000 |
| Parcel Number: | 4474720600 |
| Pool Features: | None |
| Postal City: | SAN DIEGO |
| Professional Management Expense: | $17,287 |
| Sewer: | PublicSewer |
| Special Listing Conditions: | Standard |
| Stories Total: | 2 |
| Water Sewer Expense: | $20,640 |
| Year Built Source: | Assessor |
| Current Price: | $3,425,000.00 |
| Record Signature: | -1,191,806,785 |
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Based on information from California Regional Multiple Listing Service, Inc. as of October 13, 2026. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
California Regional Multiple Listing Service, Inc. data last updated on October 13, 2026 01:34 AM - PT
Property Last Updated: October 13, 2026 01:34 AM - PT
