4534 39th St 3 Unit Apartment Building Offered at $1,400,000 at a 4.19% Cap Rate in San Diego, CA 92116

Welcome to 4534-38 39th St in beautiful Normal Heights San Diego. The property consists of 3 completely detached buildings presenting an ideal unit mix of a Spanish Style 2 Bed / 1 Bath front house, a 2 Bed / 1.5 Bath two story rear house built in 2001, and a 400 sqft Studio ADU Cottage completed in 2021. Both front and rear houses have in-unit laundry, off-street parking for multiple cars, and private yards. The Studio ADU possess a small private yard.
This multifaceted property can be purchased by a savvy owner occupier or an investor. An individual looking to purchase their own home may consider acquiring this building to live in one of the detached houses while simultaneously receiving passive income from the other two units. The property has solar panels with a lease in-place to reduce electricity costs. The property produces roughly $88,000 in gross scheduled annual income yielding roughly $57,500 net operating income after all expenses. An investor may elect to renovate the existing units to produce a forecasted $111,500 in full market rents. The property is priced to sell at $200 per sqft less than the comp set!