4576-4582 Felton Street
San Diego, CA 92116
$2,300,000
Rare 7-unit Normal Heights offering with the heavy lifting done. Two detached buildings on one lot: a 1926 Spanish-style 2BD/2BA single-family home, fully renovated in 2022, with its own detached garage and private fenced yard, plus a brand-new two-story building of six units completed in 2026 (two 2BD/2BA and four 1BD/1BA). The new units feature private entries, ductless mini-split A/C, tankless water heaters, quartz counters, electric ranges, fire sprinklers and individual water sub-meters. Six of seven units are leased at 2026 market rents, and one unit is ready to lease. Currently operating at a 5.64% cap rate, with the potential to reach 6.60% once stabilized. New construction means little deferred maintenance, and the new units may be exempt from AB 1482 rent caps (buyer to verify). Walk to the cafes, restaurants and shops of Adams Ave, minutes to North Park, I-805 and I-8.
| Listing Id: | PTP2607746 |
|---|---|
| List Price: | $2,300,000 |
| Property Type: | Residential Income |
| Property Sub Type: | Res Income 2-4 Units |
| Status: | Active |
| Bedrooms Total: | 5 |
| Bathrooms Full: | 5 |
| Association Fee: | $0 |
| Lot Size Square Feet: | 6,628.0 |
| Waterfront?: | No |
| City: | San Diego |
| County Or Parish: | San Diego |
| Postal Code: | 92116 |
| Year Built: | 0 |
| Number Of Units Total: | 7 |
| Basement: | false |
| Bathrooms Total Integer: | 5 |
| Building Area Units: | Sqft |
| Feed Types: | IDX |
| Directions: | GPS |
| Living Area Units: | Sqft |
| Lot Size Area: | 0.1522 |
| Lot Size Units: | Acres |
| Parcel Number: | 4475212900 |
| Photos Change Timestamp: | 2026-10-15T21:54:05Z |
| Pool Features: | N/K |
| State Or Province: | CA |
| Stories Total: | 2 |
| Sdmls Neighborhood: | Normal Heights |
| Sdmls Area Zip: | SAN DIEGO (92116) |
| Original List Price: | $2,300,000 |
| Sale Or Rent: | For Sale |
| Sdmls Status Detail: | 0 |
| Showing Instructions: | Contact agent (858) 327-1544 |
| Site: | Sidewalks |
| Listing Terms: | Cash, Exchange |
| Sdmls Unit Numfor Unit1: | 0 |
| Sdmls Unit Numfor Unit2: | 1 |
| Sdmls Unit Numfor Unit3: | 2 |
| Operating Expense: | $61,141 |
| Sdmls Cfd Mello Roos Fee Reflct: | Year |
| Assessments: | N/K |
| Gross Scheduled Income: | $190,813 |
| Number Of Buildings: | 2 |
| Sdmls Geo Update Timestamp: | 2026-10-15T18:05:59.7 |
| Sdmls Full Address: | 4576-4582 Felton Street |
| Sdmls Unit1 Beds: | 2.0 |
| Sdmls Unit2 Beds: | 2.0 |
| Sdmls Unit3 Beds: | 1.0 |
| Sdmls Lot Size: | 4, 000-7, 499 SF |
| Sdmls Supplement Remarks: | Rare 7-unit Normal Heights offering with the heavy lifting done. Two detached buildings on one lot: a 1926 Spanish-style 2BD/2BA single-family home, fully renovated in 2022, with its own detached garage and private fenced yard, plus a brand-new two-story building of six units completed in 2026 (two 2BD/2BA and four 1BD/1BA). The new units feature private entries, ductless mini-split A/C, tankless water heaters, quartz counters, electric ranges, fire sprinklers and individual water sub-meters. Six of seven units are leased at 2026 market rents, and one unit is ready to lease. Currently operating at a 5.64% cap rate, with the potential to reach 6.60% once stabilized. New construction means little deferred maintenance, and the new units may be exempt from AB 1482 rent caps (buyer to verify). Walk to the cafes, restaurants and shops of Adams Ave, minutes to North Park, I-805 and I-8. |
| On Market Date: | 2026-10-15 |
Listing Courtesy of: Freedom Realty
Listing Agent: Reese Nickell
858-327-1544
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© 2026 San Diego MLS.
San Diego MLS data last updated on October 21, 2026 08:47 AM - PT.
Property Last Updated: October 21, 2026 08:47 AM - PT
