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Turnkey Multifamily Asset with ADU Potential

2411 L St, San Diego, CA 92102

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For Sale

$2,450,000

Ten units plus two planned ADUs near San Diego attractions.

Type:Investment

HighLights

Value‑add opportunity to build 2 pre‑planned ADUs, increasing GRM to 9.32% and cap rate to 6.78%.
Below‑market pricing for a partial new construction asset, offering $275k - $325k net equity upside upon ADU completion.
Turnkey property with a strong current yield: 11.22 GRM and 5.80% cap rate.
Excellent location: a 5‑minute drive to major San Diego attractions.
Combination of 6 renovated cottages and 4 new construction studios.
High walkability (86), bikeability (71), and good transit (68) scores.

We can help!

Listing Contact

Maxwell Brown

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For Sale

$2,450,000

Ten units plus two planned ADUs near San Diego attractions.

Type:Investment

Added:: Apr 24, 2026
Days on Market:: 55
Last Refresh:: Apr 24 at 3:47 pm

Property Features for 2411 L St

General Information

Standard status: Active
Property subtype: Investment

Building Details

Year Built: 2025

We can help!

Listing Contact

Maxwell Brown

Listing agent Maxwell Brown License #02127395

Listing office Commercial Asset Advisors

Listing date Apr 24, 2026

Source Elliman

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

Value‑add opportunity to build 2 pre‑planned ADUs, increasing GRM to 9.32% and cap rate to 6.78%.
Below‑market pricing for a partial new construction asset, offering $275k - $325k net equity upside upon ADU completion.
Turnkey property with a strong current yield: 11.22 GRM and 5.80% cap rate.
Excellent location: a 5‑minute drive to major San Diego attractions.
Combination of 6 renovated cottages and 4 new construction studios.
High walkability (86), bikeability (71), and good transit (68) scores.

Overview

The property at 2411-21 L St is a partial new construction asset featuring ten units and the potential for two additional dwelling units (ADUs). The property includes six renovated cottages with new sewer and water lines, and four new construction studios with vaulted ceilings. There are also two plumbed and wired garages with plans ready to convert into two-bedroom, one-bath ADUs. The existing infrastructure allows for cost savings on ADU conversion. The property is located within a five-minute drive to Petco Park, Downtown San Diego, Coronado Island, the San Diego Waterfront, the Gaslamp District, and Balboa Park. The property is very bikeable with a bike score of 71, very walkable with a walk score of 86, and has good transit with a transit score of 68. The property can be operated as-is or the ADUs can be built out. Post completion value is estimated at $2,900,000 - $2,950,000.

Location Intelligence

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Apartment buildings

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Location Insight

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Local Demand

City: San Diego
County: San Diego
State: California
Longitude: -117.142121
Latitude: 32.7071529

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What type of property is this?

Apartment building - Ten units plus two planned ADUs near San Diego attractions.

Where is this apartment building located?

The property is located at 2411 L St San Diego, CA.

What is the asking price?

The asking price for this property is $2,450,000.

What are key features of this property?

This property features: Value‑add opportunity to build 2 pre‑planned ADUs, increasing GRM to 9.32% and cap rate to 6.78%.; Below‑market pricing for a partial new construction asset, offering $275k - $325k net equity upside upon ADU completion.; Turnkey property with a strong current yield: 11.22 GRM and 5.80% cap rate.