ACTIVE
4671 - 73 Terrace Drive
Normal Heights CA, 92116
$2,150,000
$728.81 per sqft
ACTIVE
4 Beds
2 Baths
2,950 sqft
Residential
Built in 2018
Premier investment opportunity located in the sought after community of Kensington outshines with a Passive Net Operating Income (NOI) of $10,000 a month or $120,000 annually, demonstrating significant growth potential up to $174,000 via ADU/garage conversion. Highlighted by an attractive Cap Rate of 6.25%, the property underscores strong yield potential and investment stability. There's ample room for rental income growth; the current 4BD SF house brings in $5,000/mo, with projections to increase to $6,250/mo for a total of $75,000/yr net. Upgraded duplex adds $60,000/yr to the current income, anticipated to rise to $70,000, while a potential 4th unit garage conversion could contribute an additional $35,000, pushing the conservative passive annual income to an impressive $180,000. Lifetime-lasting seller improvements have meticulously enhanced this estate, featuring Ferguson Hansgrohe shower fixtures, luxurious 60" faux wood Minka Aire DC fans in every room w/wall controls, top-of-the-line Modena Living 6-foot vinyl plank floors throughout. Over $25K in hi-end stainless steel appliances and spacious bedrooms adorned with 6" contemporary dimmable recessed LED lights ensure even the most discerning buyers would be dazzled. Completely renovated down to the studs, this income-generating machine is a rare find, set to enhance even the most affluent of portfolios. It represents a perfect blend of affluent neighborhood appeal and an Investor's Dream, offering a multi-unit dream home with exceptional finishes, Significant Income Potential, and room for expansion. This is the ONE!
240002764
MLSⓇ ID
February 6, 2024
Listed
May 9, 2024
Updated
Map
4671 - 73 Terrace Drive
Normal Heights CA, 92116
Interior Features
Total Stories
1
Bedrooms
4
Total Bathrooms
2
Full Bathrooms
2
Interior Features
Counter Top, Ceiling Fan(s), Granite Counters, Kitchen Island, Low Flow Shower, Low Flow Toilet(s), Open Floorplan, Recessed Lighting, Remodeled Kitchen, Shower, Shower in Tub, Stone Counters, Storage, Sump Pump, Kitchen Open to Family Rm
Appliances
Dishwasher, Disposal, Dryer, Microwave, Range/Oven, Refrigerator, Washer, Gas Water Heater, ENERGY STAR Qualified Water Heater, Water Heater Unit, High Eff. Water Heater
Laundry Description
Laundry Closet, Laundry Room, Inside, Electric
Floor Description
Linoleum/Vinyl, Stone, Tile
Fireplace
Yes
Fireplace Description
Family Room, Other/Remarks
Cooling
Yes
Cooling Description
Central Air, Electric, High Efficiency
Heating
Yes
Heating Description
Natural Gas, Fireplace(s), Forced Air, High Efficiency, Heat Pump
Exterior/Building Features
Lot Features
Corner Lot, Cul-De-Sac, Landscaped, Sprinklers In Front
Architectual Style
Mediterranean/Spanish, Modern
Roof
Flat
Sewer
Other
Other Property Details
Area Name
Metro Uptown
Days on Market
19
Garage
Yes
Garage Spaces
2
Parking
Garage(Assigned, Detached, Garage), Non-Garage(Driveway, Off Street)
Parking Total
10
View
Yes
View Description
City, Evening Lights, Neighborhood
County
San Diego
Water Source
Public
Pool
No
Pool Features
None
Buyer Agency Compensation
2.5%
Listed by Melodie McAlpin, Broker, Melodie A McAlpin,
Listing Contact: 858-518-1545
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Data last updated 4:31 AM UTC, 5/9/2024