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About the Listing 87970 - 818479
2411-21 L St provides an investor a well-located partial new construction 10 unit asset + 2 ready to convert ADUs. This is truely a trifecta turnkey, new construction, & value-add combination in Central San Diego priced significantly below market comparables for a quick sale! The property is conveniently located within a 5 minute drive to some of San Diego's most desirable attractions including Petco Park, Downtown San Diego, Coronado Island, San Diego Waterfront, the Gaslamp District, and Balboa Park. The property consists of 6 gut renovated cottages with all new sewer and water supply lines, 4 brand new construction studios with vaulted ceilings, and 2 brand new plumbed and wired garages with plans ready to convert into (2) 2 bed / 1 bath ADUs. The pre-planned garages allow for a significant cost savings on ADU conversation as all infrastructure systems are in place and ready to be tapped. The property produces a strong 11.22 GRM and 5.80% cap rate in current form. The Property can be operated as-is in its strong yield turnkey form for a passive investor. For the active savy investor, the build-out of the pre-approved ADUs will produce a forecasted 9.32 GRM and a 6.78% cap rate including all forecasted construction costs. By completing the ADU build-out the property provides $275k - $325k net equity upside and a $219,000 per unit average cost basis for a semi- new construction asset. That is $60-80k/unit below the comp set average! Post completion value is estimated at $2,900,000 - $2,950,000.
Listing Highlights
Status
Active
Days on Site
63
Property Type
Multi-Family
MLS ®
PTP2600781
Year Built
2025
Total Square Footage
3,572
Lot/Acreage
0.16
County
San Diego
Area
92102 - San Diego
Interior Details
- Bedrooms: 1
- Bathrooms: 2 Full
- Appliances:
- Air Cond:
- Heating:
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water:
Exterior Details
- Lot Description: 21-25 Units/Acre,No Land Lease
- Garage Capacity: 4 car
- Parking Spaces: 4
- Zoning: RM-2-5
- Roof:
- Others: 2+ Total Units
- Sewer: Public Sewer
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 5354620400
- Tax Year: N/A
Payment Calculator
Monthly Payment
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Questions About..
2411 L St San Diego, CA 92102
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