3933-3941
Utah Street
A rare infill opportunity in San Diego's most supply-constrained urban submarket. Income today. Generational development upside tomorrow.
Three Ways to Invest
Combined Assemblage
$2,625,000
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One of San Diego's rarest development opportunities — a permit-approved, shovel-ready site for an 8-story, 70-unit multifamily building in the heart of North Park. That equated to a $37,500/unit land basis cost. Entitlements secured, plans by Ehrlich Yanai Rhee Chaney Architects complete, and four occupied units generating $12,885/month in current income while you prepare for construction.

Architectural plans & permits available separately for $350,000 (total $2,975,000). Inquire with agent for details.
Parcel A
$1,275,000
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Fully occupied duplex delivering $6,180/month in gross rental income. Both units renovated in 2023 with new appliances and updated finishes — move-in ready for an owner/user or a clean value-add canvas with clear runway to push rents to a premium tier.

Unit 1: 2BR/1BA - 945sqft - $3,520/mo Rent
Unit 2: 1BR/1BA - 574sqft - $2,660/mo Rent

Must be purchased with Parcel B to complete the permit-approved 70-unit development. Plans & permits available separately — inquire with agent.
Parcel B
$1,350,000
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Fully leased duplex generating $6,705/month in gross rental income. Two 2BR/1BA homes both renovated in 2023 — well-maintained and move-in ready with real value-add runway for the buyer who wants to further elevate finishes and drive rents to a premium tier.

Unit 1: 2BR/1BA - 942sqft - $3,320/mo Rent
Unit 2: 2BR/1BA - 800sqft - $3,385/mo Rent

Must be purchased with Parcel A to complete the permit-approved 70-unit development. Plans & permits available separately — inquire with agent.
The Vision & The Site
Shovel-Ready.
Entitled. Designed.
ENTITLEMENTS SECURED
The project has cleared the full entitlement process — one of the most time-consuming and risky hurdles in San Diego development. A new owner steps in with zero entitlement risk.
WORLD-CLASS ARCHITECTURE
Designed by Ehrlich Yanai Rhee Chaney Architects, one of the best infill firms in Southern California and the team leading the full UCSD campus redesign. Plans available separately for $350,000.
NEAR SHOVEL-READY
A short 4–6 week plan resubmission for updated code brings the project to construction-ready status within 2–3 months. Estimated resubmission cost: ~$60,000 (buyer's responsibility).
EXCEPTIONAL VALUE BASIS
At $37,500/approved unit for the land, this compares to comparable entitled sales ranging $69,000–$115,000/unit in the submarket — reflecting the final resubmission step remaining.
Architectural Plans Available Separately
Full plans, permits, and project materials by Ehrlich Yanai Rhee Chaney Architects available for $350,000 — a fraction of what was invested. Inquire with Ken Schwartz for details.
Architectural Plans
& Permits Package
- Full architectural drawing set by Ehrlich Yanai Rhee Chaney Architects — one of Southern California's premier infill design firms
- Approved City of San Diego permits and entitlement documentation
- Civil, structural, and MEP engineering drawings
- Environmental studies, soils reports, and surveys
- All accompanying project materials and correspondence
- Plans require a short resubmission to update for current code requirements — estimated 4–6 weeks preparation by the architects
- Once submitted, project should reach construction-ready status within 2–3 months
- Resubmission cost estimated at ~$60,000 (buyer's responsibility)
- Sellers invested well over twice the asking price to bring this project to its current state
- Plans available independently or bundled with land for total of $2,975,000
Sample plan sheets shown above. Contact Ken Schwartz directly to receive the full architectural drawing set and permit documentation as part of your due diligence package.
The Market
North Park is fully built out with virtually no remaining infill sites of meaningful scale. This structural constraint supports long-term rent growth and occupancy stability through market cycles.
Young professionals, creatives, healthcare workers, and workforce renters anchored by proximity to Sharp, Scripps, Kaiser, Qualcomm, and SDSU create diversified, durable tenant demand.
60+ restaurants and bars, 20+ craft breweries, weekly farmers market, and a WalkScore of 97 support premium rents. Recognized by Forbes and the LA Times as San Diego's premier urban neighborhood.
5–10 minutes to Mission Valley and Kearny Mesa. 15 minutes to UTC and Downtown San Diego. Direct access to regional transit corridors enhancing leasing velocity and tenant retention.
Core urban infill assets in North Park trade with strong institutional and private capital interest. Comparable land sales have transacted between $69,000–$115,000/unit, supporting multiple exit strategies.
13 comparable multifamily properties in the submarket average $3,306/unit and $4.57/SF in rent, with stabilized occupancy consistently above 90% among recently delivered product.
Request the Offering Memorandum
Complete the form below and Ken will send the full OM directly to your inbox.
