WD Land is pleased to present the opportunity to acquire Urban Heights, a 15-unit multifamily property at
3853–3865 Cherokee Avenue in the Cherokee Point neighborhood of central San Diego. The property
sits where North Park, Normal Heights and City Heights meet, close to the restaurants, coffee shops
and transit of the University Avenue corridor, with Balboa Park, Downtown and Mission Valley a short
drive away.
The offering spans two adjoining parcels totaling ±13,806 SF. The first, 3853–3859 Cherokee, holds a 13-unit
apartment community: a two-story stucco building with exterior walkways and a single-story front building
beneath the property’s reclaimed-wood Urban Heights sign. The second, 3861–3865 Cherokee, is a cottage
style craftsman duplex on its own lot behind a redwood privacy fence. Originally built in 1953, the property
completed a full interior and exterior remodel in 2020, with new windows, a new roof, new electrical and
plumbing upgrades. Units were refinished with plank flooring, shaker cabinetry, granite countertops,
stainless appliances and fully tiled baths.
At the offering price of $3,425,000 ($228,333 per unit and $506 per SF), Urban Heights trades at a 6.01%
cap rate on in-place income and 6.64% at market rents, with a 9.91 GRM falling to 9.27 at market. That is
roughly 26% below the $306,755 per-unit average of eight nearby sales since early 2025, at a cap rate 72
basis points above their 5.29% average.
In-place one-bedroom rents average $1,761 against $2,044 among nearby one-bedroom comparables,
leaving room to grow income as units turn. With a Walk Score of 91 and steady renter demand, Urban
Heights suits 1031 exchange buyers, private investors and long-term holders seeking a remodeled, multi
building asset in one of San Diego’s most walkable urban submarkets.