San Diego Duplex Development
For Sale
$650,000
Pending
290 35th Street, San Diego, CA 92102
Duplex with development potential in a rapidly growing neighborhood.
Property Size1,450 SF
Days on Market148
Property Features for 290 35th Street
General Information
Standard status
Pending
Size
1,450 SF
Property subtype
Residential Income
Zoning
R-2
Amenities
Split Level
N/K
3.0
2
1
3
Other/Remarks
Gate
Stucco
Building Details
Year Built
2020
Listing Agency:
eXp Realty of California, Inc.
Listed By:
Guillermo Carrillo · License #02032647
(619) 430-8406
Source:
Compass
Added: May 20
Changed: Oct 8
Last Checked: Oct 12 at 10:12PM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
This duplex presents a value-add and development opportunity in a rapidly growing urban neighborhood of San Diego. Zoned R-2, the property offers upside potential for investors, developers, or owner-occupants seeking long-term value and income growth. The flexible zoning allows multiple by-right development options, including the potential to add 2 additional dwelling units, creating an opportunity for expanded rental income and future appreciation. The existing duplex requires renovation, making it ideal for a value-add repositioning, house-hack investment, or long-term redevelopment strategy in the high-demand market. The property presents an attractive opportunity to acquire a centrally located San Diego asset with ADU potential and significant upside at pricing difficult to replicate below today’s replacement costs. The location has a walk score of 75, indicating it is very walkable, a transit score of 57, indicating good transit options, and a bike score of 40, indicating it is somewhat bikeable.
Key Highlights
- R‑2 zoning allows for the potential to add 2 additional dwelling units (ADUs), increasing rental income and property value.
- Duplex in a rapidly growing San Diego urban neighborhood (92102 market).
- Value‑add opportunity through renovation of the existing duplex.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,974
Cap Rate
4.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$519,480
$519.5K
Cap Rate 7%
$371,057
$371.1K
Cap Rate 9%
$288,600
$288.6K
Market Conditions
NOI Build-Up for 1,450 SF
Gross rent
$39.2K $27.00/SF
− Vacancy
−$2.0K −$1.41/SF
EGI
$37.1K $25.59/SF
− OpEx
−$11.1K −$7.68/SF
NOI
$26.0K $17.91/SF
Area
San Diego, CA
Vacancy
5.22%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$519,480
Cap Rate 7%
$371,057
Cap Rate 9%
$288,600
Alternative Uses
Best Use
Multifamily LT 5
$371.1K
$324.7K – $432.9K
NOI $25,974 @ 7.0% cap · market cap 4.00%
Second Best
Apartment 5plus
$342.4K
$299.6K – $399.4K
NOI $23,966 @ 7.0% cap · market cap 3.69%
Theoretical Best
Specialty Retail
$572.7K
$501.1K – $668.2K
NOI $40,090 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,019
Businesses Nearby
Explore this area
Business Placement
Demographics for 92102, CA
39,783
Population
15,622
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
80%
High-School Grad
4.5 sq mi
ZIP Area
8,841
Density / Sq Mi
$71,319
Median Household Income
$40,142
Median Earnings
$1,855
Median Rent
$646,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with development potential in a rapidly growing neighborhood.
Where is this duplex located?
The property is located at 290 35th Street San Diego, CA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: R‑2 zoning allows for the potential to add 2 additional dwelling units (ADUs), increasing rental income and property value.; Duplex in a rapidly growing San Diego urban neighborhood (92102 market).; Value‑add opportunity through renovation of the existing duplex.
