2411-2421 L St 10 Unit Apartment Building $3,363,360 CAD ($336,336 CAD/Unit) 5.80% Cap Rate San Diego, CA 92102

2411-21 L St provides an investor a well-located partial new construction 10 unit asset + 2 ready to convert ADUs. The property is conveniently located within a 5 minute drive to some of San Diego's most desirable attractions including Petco Park, Downtown San Diego, Coronado Island, San Diego Waterfront, the Gaslamp District, and Balboa Park. This is truely a trifecta turnkey, new construction, & value-add combination in Central San Diego priced significantly below market comparables for a quick sale!
The property consists of 6 gut renovated cottages with all new sewer and water supply lines, 4 brand new construction studios with vaulted ceilings, and 2 brand new plumbed and wired garages with plans ready to convert into (2) 2 bed / 1 bath ADUs. The pre-planned garages allow for a significant cost savings on ADU conversation as all infrastructure systems are in place and ready to be tapped.
The property produces a strong 11.22 GRM and 5.80% cap rate in current form. The Property can be operated as-is in its strong yield turnkey form for a passive investor.
For the active savy investor, the build-out of the pre-approved ADUs will produce a forecasted 9.32 GRM and a 6.78% cap rate including all forecasted construction costs. By completing the ADU build-out the property provides $250k - $300k net equity upside and a $219,000 per unit average cost basis for a semi- new construction asset. That is $60-80k/unit below the comp set average! Post completion value is estimated at $2,900,000 - $2,950,000.