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2411 21 L ST San Diego, CA 92102
6,895 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2600781
HOA Y/N No
Year Built 2025
Lot Size 6,895 Sqft
Property Description
2411-21 L St provides an investor a semi new construction asset with 6 fully rehabilitated cottages, 4 new construction units, and approved plans to build out another 2 mid-size units on a significant cost of construction discount for a trifecta turnkey, new construction, & value-add combination in Central San Diego. The property produces a strong 11.43 GRM and 5.67% cap rate in current form. The Property can be operated as-is in its strong yield turnkey form or build-out the pre-approved ADUs to produce a forecasted 9.49 GRM and a 6.55% cap rate including all forecasted construction costs. The site consists of 6 fully rehabilitated and renovated stand-alone cottages each consisting of 1 Bed / 1 Bath at 418 sqft each with private porches adding to their functional size. In 2023 the cottages were fully renovated to the studs including all new plumbing of the sewer lines, water supply lines, and electrical. Interiors were fully renovated with new kitchens, cabinets, counter tops, appliances, bathrooms, flooring, drywall, lighting, windows etc. The exterior siding is mostly original and the roofs have not been replaced in recent years. The rear twin buildings were built completely ground up in 2025. The twin buildings consist of (2) Top Floor 266 sqft Studio units with vaulted ceilings enhancing the “cubic sqft” of the unit's interior space. The first floor of each building consists of (1) plumbed and powered tandem depth garage totaling 532 sqft each. By completing the ADU build-out the property provides $200k - $250k net equity upside and a $223,000 per unit average cost basis for a semi- new construction asset. Post completion value is estimated at $2,900,000 - $2,950,000.
Location
State CA
County San Diego
Area 92102 - San Diego
Zoning RM-2-5
Interior
Fireplace No
Laundry Electric Dryer Hookup, Gas Dryer Hookup
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Curbs
View Y/N No
Total Parking Spaces 4
Private Pool No
Building
Lot Description 21-25 Units/Acre
Story 2
Sewer Public Sewer
New Construction Yes
Others
Senior Community No
Tax ID 5354620400
Energy Description 677.0
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2600781
Listed by Maxwell Brown Commercial Asset Advisors mbrown@caacre.com