2259 Market Street, San Diego, CA 92102
List Price: $1.7M
Listing Status: Active
Original List Price: $1.9M
0Days on Market: 152
0 Bedrooms · 0 Bathrooms
Property Type: CommercialSale
Year Built: 1927
MLS Number: PTP2600758
About This Property
PRICE REDUCED $200K! Rare multifamily ADU densification opportunity in Sherman Heights, San Diego. By-right ADU development under CA SB-1211 allows expansion from 6 to 12 units. The property features a well-maintained 3-story, 6-unit apartment building (4,608 SF) on a 7,500 SF lot, built in 1927, with month-to-month tenancies and current gross income exceeding $10,000/month. Professionally prepared plans are in final approval for 6 new ADUs across three detached, two-story structures totaling approximately 2,884 SF in the rear. Upon completion, the ADUs are projected to generate an additional $13,000+/month in gross rental income, which puts this project well above a 6% cap-rate on proforma income, and should yield a healthy net completion profit after factoring in construction costs. The site is zoned CC-3-4, with ministerial ADU approvals that significantly reduce entitlement risk and development timelines. Ideal for investors seeking unit-count expansion and long-term rental growth in a prime urban infill location.
Listing provided by: Max Delbecq DRE #01964069 619-550-4515 maxd@topguncre.com, Top Gun CRE
Source: CRMLS, MLS #: PTP2600758
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.