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2411-21 L St provides an investor a well-located partial new construction 10 unit asset + 2 planned 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.
Property Type(s):
Residential Income
| Last Updated | 3/9/2026 | Year Built | 2025 |
|---|---|---|---|
| Community | 92102 - San Diego | Garage Spaces | 4.0 |
| County | San Diego |
Price History
| Prior to Mar 9, '26 | $2,495,000 |
|---|---|
| Mar 9, '26 - Today | $2,450,000 |
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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Listed with Commercial Asset Advisors
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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