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    Normal Heights Multifamily Investment Opportunity Title is generated by Realmo AI

    3226 Adams Ave, San Diego, CA 92116

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    For Sale
    $2,600,000

    Well-maintained 8-unit apartment complex in desirable Normal Heights neighborhood.

    Type:Multifamily
    Property size:
    3,750 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $693/SF
    Added:
    Apr 3, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 3 at 5:08 am

    Property Features for 3226 Adams Ave

    General Information

    Standard status
    Active
    Size
    3,750 SF
    Lot size
    0.15 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Ben Sierpina

    Listing agent Ben Sierpina License #CA: 02062416

    Listing office San Diego Downtown Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of San Diego Downtown Office

    HighLights

    • Highly desirable Normal Heights location with a Walk Score of 94, offering unbeatable walkability.
    • Significant value‑add opportunity through renovation to increase rents.
    • ADU potential with (5) attached single‑car garages.
    • Well‑maintained property with recent upgrades including new roofs and electrical panel.
    • Unique cottage‑style units with refurbished hardwood flooring and no shared walls.
    • Easy access to the 15 and 805 freeways.

    Overview

    Located in San Diego, California, the 8-unit apartment complex at 3226-32 Adams Avenue was originally built in 1938. Situated in the Normal Heights neighborhood, the complex has a Walk Score of 94. The property rests on a 0.15-acre lot and features approximately 3,750 rentable square feet. The unit mix consists of two one-bedroom/one-bathroom units and six one-bedroom/one-bathroom cottage units. The units feature refurbished hardwood flooring and cottage-style layouts with no shared walls. The property has been maintained, with new roofs recently added to the back building and two of the cottages. The main electrical panel, wiring, and gas meters were upgraded within the last 5 years. Several units have been retrofitted with dual pane vinyl windows. Tenant offerings include a communal courtyard and secure gated entry. Parking is available with five attached single-car garages, creating potential for adding ADUs. The property presents a value-add opportunity for renovation to bring current rents to market and maximize overall cash flow. Located on Adams Avenue in central Normal Heights, the property is near neighborhood attractions and has access to the 15 and 805 freeways. The North Park neighborhood is a few blocks west, offering more dining and retail options. This property offers the opportunity to acquire a well-maintained apartment complex with rental upside and ADU potential, with the 15 freeway simplifying commutes.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.1242825
    Latitude
    32.7636676

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 8-unit apartment complex in desirable Normal Heights neighborhood.
    Where is this apartment building located?
    The property is located at 3226 Adams Ave San Diego, CA.
    What is the asking price?
    The asking price for this property is $2,600,000.
    What are key features of this property?
    This property features: Highly desirable Normal Heights location with a Walk Score of 94, offering unbeatable walkability.; Significant value‑add opportunity through renovation to increase rents.; ADU potential with (5) attached single‑car garages.
    (858) 373-3215
    We can help!
    Listing Contact
    Ben Sierpina
    Real Estate License ID: CA: 02062416
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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