ACRE Investment Real Estate Services is pleased to present the Normal Heights Cottages (the “Property”), an attractive and turnkey rental community that presents real estate investors the opportunity to acquire a recently renovated, value-add opportunity in Normal Heights, California. The property is being offered free and clear of debt encumbrances.
The Normal Heights Cottages are centrally located in the City of San Diego, on a mesa just south of Mission Valley. Its borders are defined by Interstate 805 to the West, Interstate 8 to the North, Interstate 15 to the East, and El Cajon Boulevard to the South. The property is situated in an area characterized by quiet residential communities, schools and neighborhood retailers.
The Property, distinguished with white picket fences and meticulous landscaping, consists of a garden style setting spread out on a lot totaling 5,624 square feet. Originally constructed in 1953 and recently renovated inside and out, the property offers acute investors a value-add opportunity coupled with a turnkey asset. The Normal Heights Cottages consist of 5 apartment homes with a total of 2,625 rentable square feet providing 2 separate residential buildings. The Property’s well-designed floor plans include 100% spacious one-bedroom, one-bathroom units of an estimated 525 square feet each. The Property provides an array of amenities including gated entry, modern laundry facilities, open common areas, three off-street assigned parking spots and a picket fenced front yard. The property has undergone recent capital improvements such as: double-pane windows, updated flooring, new appliances, lighting, heat/AC, reconditioned cabinets, new countertops with custom tile backsplashes, window blinds, custom paint, new gates/ fences and much more.
This Offering provides an opportunity to acquire a multifamily asset in one of the highest demand rental submarkets in San Diego County. The new owner will enjoy the security of having the property situated near comparable apartment communities, local shopping, restaurants, as well as having easy access to multiple Interstates. With upside in rental income, this recently renovated complex is perfect for the long-term investor seeking a pride of ownership asset with a strong current and future cash flow.