We are pleased to present the opportunity to acquire Las Palmas Apartments, an 18-unit multifamily community located in the high-demand Cherokee Point neighborhood of San Diego, California. Las Palmas is a three-story, elevator-served property comprised of a desirable unit mix, including eleven two bedroom/ one-bath units, six one-bedroom/one-bath units, and one studio. The property has recently undergone significant capital improvements, including new exterior paint, all-new black vinyl windows, and targeted roof repairs. Eleven of the eighteen units have been fully renovated, offering immediate in-place cash flow with the ability to unlock further upside through the renovation of the remaining units. Ideally located just minutes from Balboa Park, Downtown San Diego, and several major employment hubs, Las Palmas benefits from strong demand drivers in one of the most vibrant and supply-constrained rental submarkets in San Diego. With limited new multifamily development in Cherokee Point and the surrounding North Park corridor, the property represents a compelling investment opportunity with both stability and value-add potential through continued interior improvements and operational efficiencies.
Property Details
Price:
$5,350,000
MLS #:
250035401SD
Status:
Active
Baths:
0
Address:
3864 35th Street
Type:
Commercial
Subtype:
Commercial/Residential
Neighborhood:
92104northpark
City:
San Diego
Listed Date:
Aug 1, 2025
State:
CA
ZIP:
92104
Schools
Interior
Exterior
Parking Spots
11.00
Financial
Map
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3864 35th Street
San Diego, CA
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