4502 40Th StSan Diego, CA 92116

Property Details for 4502 40Th St

Year built

1972

Lot size

0.11 AC

Property size (Sq ft)

5,040 SF

Zone code

R-3:RESTRICTED MULTIPLE

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

447-062-15-00

APU

4470621500

Description

This exceptional 5,040-square-foot executive office building in San Diego's desirable Normal Heights neighborhood presents a compelling investment opportunity. The property boasts six units, currently 100% occupied, generating consistent rental income. Four units offer two bedrooms and two bathrooms, while two units feature one bedroom and one bathroom. All units have undergone recent renovations, completed as recently as 2024, featuring upgraded kitchens with new countertops, modern tiled walk-in showers, stylish vinyl plank flooring, updated light fixtures, ceiling fans, and new appliances. Large windows throughout create bright and inviting living spaces. Additional income is generated from an on-site laundry room, and the building also includes convenient owner's storage. Seven off-street parking spaces are available for tenants and guests. The building benefits from a newly installed torch-down roof (May 2024) with a 10-year warranty, and significant capital improvements have been made, including upgraded sewer lines and replacement windows. The property sits on a 0.11-acre lot and is ideally located near a pedestrian bridge to Kensington, a short walk to Adams Avenue, and a convenient distance to Downtown Kensington. A $1,000,000 loan with Chase Bank (3.76% interest, maturing February 2029) is assumable. The building's strong occupancy history and current tenant quality ensure a stable and profitable investment. The asking price is $3,100,000. The 30-year loan matures February 1, 2052.

• CAP approach

  CAP return

  Valuation

  6%

  $1,310,017

  6.5%

  $1,209,246

  7%

  $1,122,872

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,264,324

  Geo Method

  $2,749,590

• Alternative Use

  Use

  Valuation

  Residential

  $1,209,246

  Hospitality

  $1,107,663

  Educational

  $921,563

  Medical

  $953,257

  Retail

  $1,433,542

Location Insight

City

San Diego

County

San Diego

State

California

Latitude

32.7591

Longitude

-117.11

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at support@realmo.com and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at support@realmo.com.