2951-53 L St San Diego, CA 92102

Property Details for 2951-53 L St

Year built

1950

Property size

1,868 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a fully remodeled duplex located in San Diego's desirable Grant Hill neighborhood, just minutes from downtown. The property consists of two detached houses situated on a spacious 7,293 square foot lot. 2951 L St offers 2 bedrooms and 1 bathroom in approximately 736 square feet, while 2953 L St boasts 3 bedrooms and 2 bathrooms across approximately 1,132 square feet. A detached 300 square foot single-car garage is also included, accessible via the alley. Both units feature private yards, private laundry, and off-street parking. Extensive renovations were completed in 2018, encompassing new roofs, windows, landscaping, exterior paint, kitchens, bathrooms, flooring, fixtures, and interior paint. Kitchens are equipped with stainless steel appliances, shaker cabinets, subway tile backsplashes, and quartz countertops. Currently operating at 100% occupancy, the property generates a strong NOI of $44,540, representing a 4.05% cap rate. The asking price is $1,100,000, or $550,000 per unit. Significant upside potential exists due to the city's allowance for up to two Accessory Dwelling Units (ADUs). The existing garage could be converted, or demolished to create new units. The property's RM 2-5 zoning and Tier 3 Complete Communities Overlay designation allows for high-density multifamily development, with a maximum Floor Area Ratio of 6.5. This property is ideal for owner-occupants or investors seeking a strong, value-add investment with substantial future development potential. The property features a total of 1,868 square feet and was built in 1950.

Location Insight

City

San Diego

County

San Diego

State

California

Longitude

-117.131

Latitude

32.7071