4530-4536 38th St San Diego, CA 92116 Active
UPDATED: 03/08/2026 06:17 PM ON MARKET: 21 days on market
$2,200,000
8 Beds4 Baths5,732 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Normal Heights
MLS Listing ID 260003902
Bedrooms 8
Full Baths 4
Year Built 1943
Lot Size 5,732 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Welcome to 4530–4536 38th Street, a fully remodeled fourplex ideally located in the vibrant and highly walkable community of Normal Heights. 3,224 Sqft Units just steps from University Heights, North Park, and Kensington, this property offers the charm, culture, and appreciation trends of all three neighborhoods while sitting in one of San Diego's most strategically located growth corridors. Extensively remodeled in late 2023, each unit has been upgraded with new windows, updated flooring, fresh interior paint, various improvements, and exterior enhancements. The result is a clean, modern, turnkey asset with strong in-place income performance. Fully occupied, These Identical Units make about $156,000 in gross annual income, with Long term rents. However, the true upside is in short-term rental positioning, bringing projected total gross revenue to roughly $234,000 per year. In a high-demand rental corridor like this, that performance shift can dramatically enhance overall return. For a VA-qualified buyer this presents a rare house-hack opportunity. Living in one unit while renting the remaining three creates an immediate wealth-building structure, and 0% Down Payment being priced within the conforming loan limit. As an investor, the RM-1-1 zoning, Alley Access, Transit Priority Area, Sustainable Development Area, and Complete Communities initiative, this parcel offers maximum development flexibility and density potential, subject to city approval. Turn-key, Immediate income, Walkability, and Added Potential makes this the Ideal Investment, Owner-User and Investors alike!
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