Active

4502 40th St.

Normal Heights CA, 92116

$3,100,000


$615.08 per sqft

Active

10 Beds

5,040 sqft

Commercial

4502 40th Street in San Diego, California is a turn-key, 6-unit apartment building. The buyer can assume the existing 3.76% interest loan with Chase Bank. The loan is for $1,000,000 and runs until February 2029. All units have been recently renovated, with the most recent remodels taking place in 2024. The building is comprised of 4 two-bedroom/two-bathroom units and 2 one-bedroom/one-bathroom units. All units are spacious with large windows that create bright living areas. The property has an onsite laundry room that produces additional income, as well as having an owner's storage room. This attractive 5,040 SF building with seven-plus off-street parking spaces is located in the highly desirable residential neighborhood of Normal Heights. The apartment is a stone's throw from a pedestrian bridge that takes residents into Kensington. Residents are also only a 10-minute walk to vibrant Adams Avenue or a short walk to downtown Kensington. This renovated investment property has a history of being 100% occupied and is currently filled with quality residents who pay their rent on-time and are all current on their rental payments. In May 2024 a new torch-down roof was installed, which has a 10-year warranty. Numerous other capital expenditures include: upgraded new sewer pipe from the building to the city sewer main, all windows have been upgraded with replacement windows, new kitchen countertops, new tiled walk-in showers, new vinyl plank flooring, new light fixtures, ceiling fans, appliances and more. 30-year loan matures Feb. 1, 2052. Ceiling is 9.5% Floor is 2.5%

240013291

MLS ID

June 11, 2024

Listed

July 13, 2024

Updated

Map

4502 40th St.
Normal Heights CA, 92116

Interior Features

Total Stories

2


Bedrooms

10


Appliances

Dishwasher, Range, Refrigerator


Laundry Description

Leased


Floor Description

Concrete, Vinyl, Other


Fireplace

No


Cooling

No


Cooling Description

None


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Features

All Auto Sprinklers, Landscaped


Roof

Other

Other Property Details

Area Name

Metro Uptown


Days on Market

31


Garage

No


Parking

Spaces


Parking Total

7


View

No


County

San Diego


Pool

No

Listed by Gemstone Real Estate, Monica Lynn Getz,
Listing Contact: 760-746-7777 

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Data last updated 7:18 PM UTC, 7/13/2024

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