4502 40th St.
San Diego, CA 92116

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 owners 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 stones 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%