930 21st St
930 21st Street, San Diego, CA, USA
Golden Hill 4-Unit Multifamily Property with Development Potential
(2) 2/2, (1) 1/1, (1) studio
Top Gun CRE, Inc. is pleased to present 930 21st St, a charming and well-maintained, 4-unit multifamily property with development potential, in the desirable downtown-adjacent rental market of Golden Hill, San Diego.
The subject property is comprised of roughly 2,535 rentable square feet, with a unit mix consisting of (2) 2bed/2bath units (est. @ 750 SF each), (1) 1bed/1bath unit (est. @ 500 SF), (1) studio unit (estimated @ 400 SF), and a lower-level basement (estimated at 135 SF). It is estimated that the original house was built in the mid-to-late 1800s and moved to its current location prior to 1885. In the 1940s, an addition was completed, and the property was reconfigured into its current layout of 4-units. The property has been owned long-term with significant pride of ownership. The units are well-maintained and have been upgraded selectively over the years. Consequently, current rents are on the low side, and it is estimated there is roughly 50% total income upside once units turn and further interior improvements are completed. All tenants are currently month-month.
The property features a ground-floor basement for additional storage and a decently-sized rear backyard with mature landscaping offering tenants outdoor relaxation and shade. Or, a buyer may explore converting the basement into an ADU, and/or adding an ADU into the rear yard, or simply converting the basement into additional rented storage or on-site laundry for additional income. The property is situated in a Historic District and may qualify for Mills Act tax savings. There is a narrow sloped driveway that can park 3-4 cars in tandem configuration.
In addition, the property is , all of which lend significant development potential to the property including density bonuses and relaxed parking requirements. The Complete Communities FAR bonus will allow developers to construct up to 34,000+ SF of improvements based on the lot size of 5,284 SF (pending further City approval and permitting). There are many examples of this new construction proof of concept in the surrounding neighborhood.
While the property is technically situated in a historic district and has plentiful classic charm and character, the property does not appear to be formally historically designated, which is good news for developers looking to potentially raze the existing improvements. Owned long-term by current ownership for nearly 4-decades, this property represents a fantastic opportunity for astute investors looking to increase cash flow, build equity, and potentially redevelop the property.
This property is extremely well-located in the highly sought-after Golden Hill rental submarket, which is one of San Diego's oldest neighborhoods featuring classic turn-of-the-century architecture and charm. There are myriad hip bars, restaurants, and generally the area is highly walkable, being located near several public transit options. It has experienced a resurgence in recent decades with new residential and retail developments, and is one of the most desired central San Diego locations due to its proximity to adjacent Downtown, Gaslamp District, Balboa Park, San Diego Zoo, Waterfront Park/Embarcadero, San Diego Airport, beaches, and all else that San Diego has to offer.
In total, this property represents a fantastic multifamily investment opportunity positioned in one of San Diego's most prized urban multifamily markets.