Reditus Fund
Phone:
619-848-6776
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