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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