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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.
Property Type(s):
Residential Income
| Last Updated | 1/30/2026 | Year Built | 2025 |
|---|---|---|---|
| Community | 92102 - San Diego | Garage Spaces | 4.0 |
| County | San Diego |
Additional Details
| AREA | 92102 - San Diego |
|---|---|
| GARAGE | Yes |
| HEAT | None |
| LOT | 6896 sq ft |
| LOT DIMENSIONS | 6896 |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
Location
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The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
This IDX solution is (c) Diverse Solutions 2026.
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