2259 Market ST, San Diego, CA 92102
2259 Market ST, San Diego, CA 92102
2259 Market ST, San Diego, CA 92102
2259 Market ST, San Diego, CA 92102
2259 Market ST, San Diego, CA 92102
2259 Market ST, San Diego, CA 92102
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Robert Cole

Robert Cole

+1(714) 253-3777
$ 1,700,000
Est. payment | /mo
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$ 1,700,000
Est. payment | /mo
Save Virtual Tour

Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID PTP2600758

HOA Y/N No

Year Built 1927

Property Sub-Type Multi Family

Property Description

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.

Location

State CA

County San Diego

Area 92102 - San Diego

Zoning CC-3-4

Interior

Fireplace No

Building

Lot Description Level, Near Public Transit, Rectangular Lot

Story 3

Others

Tax ID 5352301100

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange, FHA, Fannie Mae, Freddie Mac, Trust Deed

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange, FHA, Fannie Mae, Freddie Mac, Trust Deed

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2600758

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Max Delbecq Top Gun CRE maxd@topguncre.com, DRE #01964069

NEARBY SCHOOLS & PROPERTIES

Robert Cole

“My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! ”

+1(714) 253-3777

rob@thecolegroup.co

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2259 Market ST