4655 33rd Street, San Diego, CA 92116 For Sale

BridgePoint Realty, Inc. is pleased to present 4655 33rd Street, a well-built-&-maintained 9-unit multifamily asset located just steps from Adams Avenue, the commercial and cultural hub of Normal Heights, one of San Diego's most vibrant and walkable rental neighborhoods.

Constructed in 1987, the two-story walk-up property features an attractive unit mix of seven (7) one-bedroom / one-bath units and two (2) two-bedroom / two-bath units, designed to appeal to the strong renter demographic that defines the Normal Heights market.The property benefits from functional floor plans, ample on-site parking, and an enclosed two-car garage, offering both operational flexibility and future development potential. The building was constructed in 1986 with durability and serviceability in mind, featuring copper domestic waterlines routed through the oversized pitched roof structure and ABS (schedule 80) waste and vent systems throughout. In addition to the long-term reliability these systems provide, the existing plumbing configuration creates a relatively straightforward pathway for future in-unit washer and dryer installations, allowing a new owner to further enhance rental premiums. Conservative projections indicate the opportunity to reach approximately a stabilized 6.0% cap rate, with the potential to achieve ~7.0% cap rate on cost following strategic capital improvements.

The property's prime location less than half a block from Adams Avenue places residents within immediate walking distance of some of San Diego's most popular restaurants, cafes, nightlife, and retail amenities. Rental surveys consistently show strong occupancy and above-average rent performance within this micro-market. From a development perspective, the site also offers additional upside. The underutilized enclosed two-car garage presents a potential footprint for an ADU conversion, providing a clear pathway to increase density and maximize long-term yield in one of San Diego's most supply-constrained rental corridors. 4655 33rd Street represents a rare opportunity to acquire a well-located multifamily asset with strong in-place fundamentals, clear operational upside, and long-term development potential in the highly desirable Normal Heights sub market.