4038 Normal Street & 4042 Normal Street San Diego, CA 92103

4038 Normal St & 4042 Normal St San Diego, CA 92103

These properties are currently side-by-side lots with single family homes and large backyards. There is an alleyway located on the back of the lot.

4038 Normal St. sits on a 5306 square foot lot and 4042 Normal St sits on a 5995 sqft. lot. The zoning for both properties is RM-3-9, which allows for the addition of up to 8 units, 3 stories tall, plus two 850 sqft units consisting of two bed two bath and three single car garages in the alley. In addition, the existing home will also have a small remodel. This community is a central hub of San Diego and in demand to rent.

Purchase Date Nov 21
Anticipated Hold Time 18 Months
Original Units 1
Units Added 10
Purchase Price $1,161,500
Renovation Cost $1,577,500
Entitlement Cost $230,000
Carry Cost + Reserves $310,225
Cap Rate on Cost 7.90%
Total Cost on Project $3,279,225
Return on Cost 49.37%
Expected Sale Price $6,673,800
Anticipated Fund Profit* $1,697,288

*Profits split with Operating Partner

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