$1,700,000
About this home
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.
Facts & features
- Bathrooms
- 0
- Year built
- 1927
- Area
- 92102 - San Diego
- County
- San Diego
- Status
- Active
- Property type
- Multi Family
- Days on market
- 158
- Listed
- 2026-01-28
- Original price
- $1,900,000
- Terms
- Cash, Cash To New Loan, Conventional, Exchange 1031, FHA, Fannie Mae, Freddie Mac, Trust Deed
- Parcel #
- 5352301100
- MLS #
- PTP2600758
