2411-2421 L St 10 Unit Apartment Building $2,495,000 ($249,500/Unit) 5.67% Cap Rate San Diego, CA 92102

2411-21 L St provides an investor a semi new construction 10+2 unit asset. The property consists of 6 fully rehabilitated cottages, 4 new construction units, and approved plans to build out another 2 mid-size ADUs on a significant cost of construction discount for a trifecta turnkey, new construction, & value-add combination in Central San Diego. 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, and Balboa Park.
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 (4) Top Floor 266 sqft Studio units with vaulted ceilings enhancing the “cubic sqft” of the unit’s interior space. The first floors of each building consists of (2) 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.