Turnkey Multifamily Investment
2411-21 L St, San Diego, CA 92102
Call to check price and availability
Fully renovated cottages and new construction units with expansion potential.
Type:Multifamily
Property size:
5,710 SFPrice / SF:
$436/SF- Added:
- Feb 5, 2026
- Days on Market:
- 95
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 2411-21 L St
General Information
- Standard status
- Active
- Size
- 5,710 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1961
Listing agent Maxwell Brown License #02127395
Listing office Commercial Asset Advisors (925) 872-6746
Listing date Feb 5, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Commercial Asset Advisors
HighLights
- Turnkey property with a strong 11.43 GRM and 5.67% cap rate, offering immediate income potential.
- Approved plans for 2 additional ADUs, providing a value‑add opportunity to increase GRM to 9.49% and cap rate to 6.55%.
- Combination of 6 fully rehabilitated cottages and 4 new construction units.
- Significant cost of construction discount for the ADU build‑out, resulting in $200k - $250k net equity upside.
- Cottages fully renovated to the studs in 2023 with new plumbing, electrical, kitchens, bathrooms, and interiors.
- New construction units built in 2025, featuring studio units with vaulted ceilings and tandem depth garages.
Overview
The property at 2411-21 L St presents an investment opportunity with a combination of renovated cottages, new construction units, and approved plans for additional units. Currently, the property yields an 11.43 GRM and a 5.67% cap rate. Approved plans are in place to build out another 2 mid-size units. The site features 6 fully renovated stand-alone cottages, each with 1 bedroom and 1 bathroom, spanning 418 sqft, and enhanced by private porches. In 2023, the cottages underwent a full renovation, including new plumbing for sewer and water lines, as well as electrical systems. The interiors were updated with new kitchens, cabinets, countertops, appliances, bathrooms, flooring, drywall, and lighting. The exterior siding is mostly original. The rear twin buildings, constructed in 2025, consist of two top-floor 266 sqft studio units with vaulted ceilings. The first floor of each building includes a plumbed and powered tandem depth garage totaling 532 sqft each. Completing the ADU build-out offers a $200,000 - $250,000 net equity upside and a $223,000 per unit average cost basis. The post-completion value is estimated at $2,900,000 - $2,950,000.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- San Diego
- County
- San Diego
- State
- California
- Longitude
- -117.142121
- Latitude
- 32.7071529
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FAQs
What type of property is this?
Apartment building - Fully renovated cottages and new construction units with expansion potential.
Where is this apartment building located?
The property is located at 2411-21 L St San Diego, CA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Turnkey property with a strong 11.43 GRM and 5.67% cap rate, offering immediate income potential.; Approved plans for 2 additional ADUs, providing a value‑add opportunity to increase GRM to 9.49% and cap rate to 6.55%.; Combination of 6 fully rehabilitated cottages and 4 new construction units.
