In addition to Shaw Butte, this is my other "go to" training hike when I need something really close to my house. I always park at the trailhead on 7th Avenue & Peoria and go up the west side of North Mountain.
One of the best ways to see a sunrise is to time your hike so that you hit the saddle just below the summit right as the sun comes up. Personally think this is the best spot in town to catch a sunrise. Looking east you can see range after range of mountains.