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$2,450,000
Est. payment /mo
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 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.
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
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Listed by Maxwell Brown Commercial Asset Advisors mbrown@caacre.com, DRE #02127395
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