$2,400,000
PRICE REDUCED. Originally built in 1938, the 8-unit apartment complex is located in the highly desirable neighborhood of Normal Heights and boasts a Walk Score of 94. The complex rests on a 0.15 acres lot and features approximately 3,750 rentable square feet. The unit mix consists of (2) one-bedroom / one-bathroom unit and (6) one-bedroom / one-bathroom cottage units. Units feature refurbished hardwood flooring and cottage-style layouts with no shared walls. Current ownership has diligently maintained the property and recently added new roofs to the back building and two of the cottages. The main electrical panel, wiring and gas meters were also upgraded within the last 5 years. Several units have also been retrofitted with dual pane vinyl windows. Attractive tenant offerings include a quaint communal courtyard, secure gated entry, and unbeatable walkability to nearby retail. Parking is offered with (5) attached single-car garages that also create potential for an investor to add ADUs. With ample possibility for renovation, the property presents a strong value-add opportunity for an investor looking to extensively renovate the units to bring current rents to market and maximize overall cash flow. Irreplaceably located on Adams Avenue in central Normal Heights, the property is nestled among all the best attractions the neighborhood has to offer and enjoys easy access to the 15 and 805 freeways. The booming neighborhood of North Park is only a few blocks west and gives tenants even more dining and retail options.
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Listed by Ben Sierpina with Marcus & Millichap (858) 373-3100
Property Type
Mixed Use
Status
Active
MLS Number
250034283SD
Year Built
N/A