4457-63 North Ave, Normal Heights, CA 92116

Property Description

Pleased to present 4457–63 North Avenue, a rare 4-unit cottage-style multifamily opportunity in the heart of University Heights offering stable in-place income with significant long-term redevelopment upside. Situated along North Ave in one of San Diego’s most supply-constrained, walkable neighborhoods, the Property provides immediate access to Park Blvd and Adams Ave dining, retail, and nightlife corridors. Residents are minutes from Hillcrest, North Park, Downtown San Diego, and Balboa Park, with convenient access to I-8, SR-163, and I-805. The asset comprises four detached and semi-detached bungalow-style residences plus approximately 880 SF of built-in garage space. The layout includes a primary house (~788 SF), two 480 SF one-bedroom duplex units, and one additional cottage arranged around expansive yard space, creating a single-family feel uncommon in dense infill locations. Rear alley access serves four built-in garages, a rare amenity in this parking-constrained submarket. Well-maintained with clear value-add potential, investors can capture mark-to-market rent growth through interior and exterior upgrades and operational optimization while preserving the Property’s character. The site is underpinned by RM-2-5 zoning with a CCHS Tier 2 designation permitting up to 8.0 FAR, allowing approximately 56,000 buildable SF. Located within a Transit Priority Area, future development may benefit from reduced or eliminated parking requirements. Additionally, the existing improvements allow for potential ADU additions prior to full redevelopment.