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|
|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|