Description

2411–21 L St offers investors a rare opportunity to acquire a semi–new construction 10+2 unit multifamily asset in Central San Diego, combining turnkey income with significant value-add upside. The property features six fully rehabilitated stand-alone cottages, four newly constructed units, and approved plans to add two additional mid-size ADUs at a substantial construction cost discount. Ideally located within a five-minute drive of Petco Park, Downtown San Diego, Coronado Island, and Balboa Park, the asset benefits from strong tenant demand and premier access to major lifestyle attractions. In its current configuration, the property delivers a strong 11.43 GRM and 5.67% cap rate, while completing the approved ADUs would improve performance to a projected 9.49 GRM and 6.55% cap rate, inclusive of forecasted construction costs. The front cottages consist of six renovated 1 Bed / 1 Bath units at 418 SF each, enhanced by private porches, and were fully rebuilt to the studs in 2023 with new plumbing, sewer lines, water supply lines, electrical, and completely updated interiors including kitchens, appliances, bathrooms, flooring, windows, lighting, and finishes. The rear twin buildings were constructed ground-up in 2025 and include four top-floor studio units (266 SF each) with vaulted ceilings, plus two tandem-depth garages on the first floors totaling 532 SF each, already plumbed and powered. Upon completion of the ADU expansion, the project is expected to generate approximately $200,000–$250,000 in net equity upside, resulting in an attractive estimated $223,000 per-unit average cost basis, with a projected post-completion value of approximately $2.9M–$2.95M.