4502 40th St. Pending Save Request In-Person Tour Request Virtual Tour
San Diego,CA 92116
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 240021335
Lot Size 5,000 Sqft
Type of Financing Assumable 1st,Cash
Property Description
4502 40th St. is turn-key 6-unit apartment building located in the vibrant Normal Heights neighborhood. The buyer can assume the existing 3.76% Chase Loan which is interest + principle. The loan adjusts on Feb. 1, 2029. This is a 30-year loan that matures Feb. 1, 2052 with a ceiling of 9.5% and a floor of 2.5% All 6 units are remodeled. There is a new roof with a 10-year warranty, which was installed in May 2024 ($30,000 value). This investment property has a history of 100% occupancy, and the apartment is filled with excellent residents who all pay their rents on-time and all residents are current on their rental payments. 2 units are 1/1 and 4 units are 2/2. All units have been renovated with new kitchens, bathrooms with tiled walk-in showers, wood-like vinyl floors, etc. The latest remodel took place in 2024. Newer replacement windows throughout the building. Other capital expenditures include: upgraded, new sewer pipe from the building to the city sewer main. The property has an onsite laundry room that produces additional income. There is also an owner's storage room. The property has been professionally landscaped, and is easy to maintain. This attractive 5,040 sq. ft. building has seven-plus, off-street parking spaces, many of which can fit more than one car. The location is an easy walk to downtown Kensington, as well as downtown Normal Heights.
Location
State CA
County San Diego
Area Normal Heights (92116)
Zoning R-3
Interior
Heating Radiant,Wall
Flooring Vinyl,Other/Remarks
Laundry Leased
Exterior
Exterior Feature Fully Landscaped
Garage Spaces
Building
Story 2
Others
Acceptable Financing Assumable 1st,Cash
Space Rent $169,056
Listing Terms Assumable 1st,Cash
Special Listing Condition Call Agent