5 Unit Investment in North Park

Highlights:

• Prime Location: Near Balboa Park, Hillcrest, and University Heights
• Opportunity Zone: Designation for long-term planning
• Zoning: RM-3-9 zoning with CCHS overlay
• Highly Walkable: Strong dining, retail, and café amenities
• Major Employers including Sharp, Scripps, Kaiser, USD, and SDSU
• Excellent Connectivity: Mission Valley, Downtown, and nearby transit

Description:

North Park Multifamily
5-Unit Investment in the North Park

Featuring five residential units across a unique hillside configuration, the property combines classic North Park character with highly walkable urban living. Located within the high-density CCHS Tier 3 overlay, allowing up to 6.5x FAR, and one of San Diego’s highest rent-per-square-foot Opportunity Zone locations, the asset offers strong income fundamentals and significant long-term redevelopment potential.

3970–74 Florida Street is a thoughtfully redesigned five-unit multifamily community in the heart of North Park, one of San Diego’s most walkable, amenity-rich and supply-constrained neighborhoods. The property includes three residential structures on a 7,490-square-foot parcel, along with seven on-site parking spaces, an exceptional ratio for an urban infill asset.

Zoned RM-3-9 and located within the high-density Complete Communities Housing Solutions Tier 3 overlay, the site may support up to a 6.5x FAR, subject to applicable development standards and City approvals. This designation provides meaningful long-term redevelopment potential while preserving the benefit of current in-place income. The property is also situated within a Qualified Opportunity Zone, which may offer federal tax advantages to qualifying investors through a properly structured Qualified Opportunity Fund.

The unit mix consists of three one-bedroom, one-bath units and two two-bedroom, one-bath units. Each residence features modern finishes, including vinyl plank flooring, upgraded cabinetry, gas ranges, recessed lighting, dual-pane windows and air conditioning. Together, the renovated interiors, strong parking ratio, Opportunity Zone location and high-density zoning create a compelling combination of current income and long-term investment upside.

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