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    3225-33 Adams Ave San Diego, CA 92116
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    3225-33 Adams Ave San Diego, CA 92116

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    Property Details for 3225-33 Adams Ave

    Year built
    1927
    Property type
    Apartment buildings

    Description

    This exceptional 9-unit apartment building, located at 3225-33 Adams Avenue in San Diego's desirable Normal Heights neighborhood (92116), presents a compelling value-add opportunity. Built in 1927, this Fee Simple property sits on a 6,347 sq ft lot and offers 4,795 sq ft of net rentable space, currently generating a NOI of $78,783 (2.33% cap rate), with a pro-forma NOI projected at $167,722 (4.95% cap rate). The asking price is $3,385,000, or $376,111 per unit. The unit mix includes one two-bedroom/one-bathroom unit and eight one-bedroom/one-bathroom cottage units, each featuring refurbished hardwood floors and unique cottage-style layouts with no shared walls. Recent upgrades include new roofs with SPF, epoxy sewer line relining, an upgraded electrical system, and a completely rebuilt rear staircase. Amenities include a charming communal courtyard, secure gated entry, and excellent walkability to local shops and restaurants. Five attached single-car garages offer significant potential for the addition of Accessory Dwelling Units (ADUs). The property's prime location on Adams Avenue provides easy access to freeways 15 and 805, and the vibrant North Park neighborhood is just blocks away. This is a rare opportunity to acquire a well-maintained property with substantial rental upside and ADU potential. The land value is $729.93 per square foot.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.124
    Latitude
    32.7631

    Comparable in this City

    • Value Estimation by Request
      0.22 Acres

      4780 Wilson Ave

      APARTMENT HOUSE (5+ UNITS) • 0.22 Acres
      4780 Wilson Ave, San Diego, CA 92116-7403
      View Details
    • Value Estimation by Request
      0.14 Acres

      3733 Adams Ave

      APARTMENT HOUSE (5+ UNITS) • 0.14 Acres
      3733 Adams Ave, San Diego, CA 92116-2260
      View Details
    • Value Estimation
      $805,000
      5,669 SF

      1424 Monroe Ave, Unit 32

      APARTMENT HOUSE (5+ UNITS) • 5,669 SF
      1424 Monroe Ave, San Diego, CA 92116-3931
      View Details
    • Value Estimation
      $980,000
      5,173 SF

      3834 Edna Pl, Unit 36

      APARTMENT HOUSE (5+ UNITS) • 5,173 SF
      3834 Edna Pl, San Diego, CA 92116-3763
      View Details
    • Value Estimation
      $1,400,000
      10,368 SF

      4485 Kansas St

      APARTMENT HOUSE (5+ UNITS) • 10,368 SF
      4485 Kansas St, San Diego, CA 92116-4200
      View Details
    • Value Estimation
      $815,000
      4,167 SF

      4621 Wilson Ave

      APARTMENT HOUSE (5+ UNITS) • 4,167 SF
      4621 Wilson Ave, San Diego, CA 92116-3579
      View Details

    Similar Nearby for Sale

    • $2,500,000
      Pending

      Normal Heights Multifamily Investment Opportunity

      Turnkey 9-unit apartment building in desirable Normal Heights.
      4414 37Th St, San Diego, CA 92116
      View Details
    • New
      $1,600,000
      3,234 SF

      University Heights Multifamily Investment Opportunity

      Five-unit property in vibrant University Heights with value-add potential.
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    Similar Nearby for Lease

    • Contact for pricing

      Landmark Corner Retail Opportunity

      Large-format retail space with high visibility and on-site parking.
      3650 Adams Ave, San Diego, CA 92116
      View Details
    • Contact for pricing
      1,013 SF

      North Park Cafe/Retail Space

      Prime location with outdoor patio and high visibility.
      4456 30Th St, San Diego, CA 92116
      View Details
    • Contact for pricing

      Retail Space in Adams Avenue

      Established retail district with high foot traffic and neighborhood charm.
      2911 Adams Ave, San Diego, CA 92116
      View Details
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    San Diego, CA 92116
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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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