4526-32 37th St

Top Gun CRE, Inc. is pleased to present 4526-32 37th St, an extremely well-maintained, pride of ownership 4-unit multifamily property located in the desirable Normal Heights submarket of San Diego.
 
The subject property was built in the 1940s and is comprised of roughly 3,200 rentable square feet spread across (4) 2bed/1bath units, averaging roughly 800 SF each. The 2 upper units each have a private 5x15 balcony; the lower units each have a private 10x30 patio off the dining room. The units are separately metered for gas and electricity. The property has recently passed the SB-721 balcony inspection law.

A comprehensive remodel was completed in 1999/2005: all plumbing, roofing, windows, stucco, flooring, kitchens/bathrooms, and some electrical were redone and the property was brought into the 21st century. All 4 water heaters were recently replaced.

The units are in excellent condition and can be rented as-is, or, as 2-units are currently vacant, an astute investor could perform additional renovations to the units. For example, while not necessary, in-unit laundry, mini-split AC systems, or additional kitchen/bathroom remodels could be completed as desired for additional income potential. The existing (2) tenants are currently on month-month leases.

Additionally, as 2-units are currently vacant, the property could be ideal for an owner-occupant, VA buyer, etc.

The property is situated on a larger 6,049 SF lot zoned RM-1-1 with Transit Priority Area and Sustainable Development overlay zones. The rear and side yards are well-maintained with mature landscaping and drip-system in place. There are (5) off-street parking spaces off of the rear alley. The larger rear yard and parking area may present excellent opportunities for enterprising investors to increase the density through additional ADUs.

Located in Normal Heights, one of central San Diego’s hippest and most desirable rental markets, the subject property is walking distance to Adams Ave including many local watering holes, coffee shops, essential retail, parks, and other desirable adjacent neighborhoods such as North Park, Kensington, and Talmadge. The area and adjacent communities are known for their classic, Spanish-revival style homes, high property values, and an eclectic yet down-to-earth vibe. The property is located within minutes of major freeways and public transportation options. This central San Diego location provides tenants with the ability to get to San Diego County’s major beaches and attractions with ease.

Owned long term since 1999, this pride-of-ownership listing represents an excellent long-term investment opportunity in one of San Diego’s most desirable rental markets. An astute investor can enjoy long term appreciation potential and increase cash flow through additional interior renovations, or by repositioning the property and increasing density through an ADU build process.