2259 Market Street, San Diego, CA 92102
- $1,700,000
- List Price
- $1,700,000
- Price Change
- ▼ $200,000 1782963477
- Status
- ACTIVE
- MLS#
- PTP2600758
- Year Built
- 1927
- Lot Location
- Level, Near Public Transit, Rectangular Lot
- Days on Market
- 181
- Property Type
- Commercial
- Property Sub Type
- Multi Family
Property Description
PRICE REDUCED $200K! Rare multifamily ADU densification opportunity in Sherman Heights, San Diego. By-right ADU development under CA SB-1211 allows expansion from 6 to 12 units. The property features a well-maintained 3-story, 6-unit apartment building (4,608 SF) on a 7,500 SF lot, built in 1927, with month-to-month tenancies and current gross income exceeding $10,000/month. Professionally prepared plans are in final approval for 6 new ADUs across three detached, two-story structures totaling approximately 2,884 SF in the rear. Upon completion, the ADUs are projected to generate an additional $13,000+/month in gross rental income, which puts this project well above a 6% cap-rate on proforma income, and should yield a healthy net completion profit after factoring in construction costs. The site is zoned CC-3-4, with ministerial ADU approvals that significantly reduce entitlement risk and development timelines. Ideal for investors seeking unit-count expansion and long-term rental growth in a prime urban infill location.
Additional Information
- Attached Structure
- Detached
- Number Of Units Total
- 6
- Gross Scheduled Income
- $120,276
- Operating Expense
- 42097
Listing courtesy of Listing Agent: Max Delbecq (maxd@topguncre.com) from Listing Office: Top Gun CRE.
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