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$2,300,000
Est. payment /mo
6,629 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2607746
HOA Y/N No
Year Built 2024
Lot Size 6,629 Sqft
Property Description
Rare 7-unit Normal Heights offering with the heavy lifting done. Two detached buildings on one lot: a 1926 Spanish-style 2BD/2BA single-family home, fully renovated in 2022, with its own detached garage and private fenced yard, plus a brand-new two-story building of six units completed in 2026 (two 2BD/2BA and four 1BD/1BA). The new units feature private entries, ductless mini-split A/C, tankless water heaters, quartz counters, electric ranges, fire sprinklers and individual water sub-meters. Six of seven units are leased at 2026 market rents, and one unit is ready to lease. Currently operating at a 5.64% cap rate, with the potential to reach 6.60% once stabilized. New construction means little deferred maintenance, and the new units may be exempt from AB 1482 rent caps (buyer to verify). Walk to the cafes, restaurants and shops of Adams Ave, minutes to North Park, I-805 and I-8.
Location
State CA
County San Diego
Area 92116 - Normal Heights
Zoning R-3:Restricted Multiple
Interior
Fireplace No
Laundry Inside, See Remarks, Stacked
Exterior
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Park, Sidewalks
View Y/N No
Total Parking Spaces 3
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 4475212900
Acceptable Financing Cash, 1031 Exchange, Submit
Listing Terms Cash, 1031 Exchange, Submit
Special Listing Condition Standard
Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2607746
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Listed by Reese Nickell Freedom Realty reeseknickell@gmail.com, DRE #02195727
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