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About the Listing 88291 - 813457,813460
PRICE REDUCED $200K! Rare multifamily ADU densification opportunity in Sherman Heights, San Diego. By-right ADU development under CA SB-1211 allows expansion from 6 to 12 units. The property features a well-maintained 3-story, 6-unit apartment building (4,608 SF) on a 7,500 SF lot, built in 1927, with month-to-month tenancies and current gross income exceeding $10,000/month. Professionally prepared plans are in final approval for 6 new ADUs across three detached, two-story structures totaling approximately 2,884 SF in the rear. Upon completion, the ADUs are projected to generate an additional $13,000+/month in gross rental income, which puts this project well above a 6% cap-rate on proforma income, and should yield a healthy net completion profit after factoring in construction costs. The site is zoned CC-3-4, with ministerial ADU approvals that significantly reduce entitlement risk and development timelines. Ideal for investors seeking unit-count expansion and long-term rental growth in a prime urban infill location.
Listing Highlights
Interior Details
- Bedrooms: 0
- Bathrooms: 0 Full
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- Below Ground Sq Ft: n/a
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Exterior Details
- Lot Description: Level,Near Public Transit,Rectangular Lot,No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 0
- Zoning: CC-3-4
- Roof:
- Others: 2+ Total Units,Has ADU
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Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 5352301100
- Tax Year: N/A
Payment Calculator
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2259 Market St San Diego, CA 92102
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