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Lucio Real Estate Group

joe.lucio@exprealty.com +1(805) 512-0065

$1,200,000

Est. payment - /mo

5,179 Sqft Lot

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Key Details

Property Type Multi-Family

Sub Type Duplex

Listing Status Active

Purchase Type For Sale

MLS Listing ID NDP2603053

HOA Y/N No

Year Built 1963

Lot Size 5,179 Sqft

Property Sub-Type Duplex

Property Description

CITY HEIGHTS DUPLEX | R-2 ZONED | IMMEDIATE INCOME + EXTRAORDINARY DEVELOPMENT UPSIDE Few opportunities arrive with this much aligned in your favor. A fully remodeled, income-producing R-2 zoned duplex on a 5,178 square foot lot, positioned in the heart of one of San Diego's most powerfully appreciating urban corridors, this is the kind of generational asset that sophisticated investors recognize immediately and move on decisively. City Heights is not emerging. It has emerged. The Mid-City submarket is experiencing a transformation that is redefining land values, reshaping the streetscape, and rewarding those who had the vision to act early. This property does not sit on the sidelines of that story. It sits at the center of it. Both units were comprehensively remodeled in 2022 to a standard that today's discerning residents expect and deserve. The upper level unfolds across approximately 950 square feet of beautifully appointed living space, offering 2 bedrooms, 1 bathroom, a sweeping open concept layout, custom quartz countertops, a stylish breakfast bar, stainless steel appliances, and the coveted convenience of in-unit laundry. The lower unit presents approximately 850 square feet of equally refined living, with 2 bedrooms, 1 bathroom, a private fenced yard that creates a genuine sense of arrival, and a dedicated laundry closet. Both residences feature individually fenced outdoor retreats and climate controlled comfort through wall and window air conditioning. These are not afterthought finishes. They are the details that attract quality long term residents and keep them. The leases in place and the income figures speak for themselves. The investment opportunity extends well beyond today's cash flow. The R-2 designation, layered with the City of San Diego's landmark ADU ordinance and its aggressive multi-family densification framework, transforms this lot into a genuine development platform. The paths forward are multiple and meaningful. Add accessory dwelling units and multiply your income streams. Maximize the allowable density envelope and reposition the asset for the next decade. The Mid-City Community Plan places this site squarely within the city's highest priority transit-oriented infill zones, which means policy, infrastructure, and capital are all moving in the same direction you are. The risk profile is equally compelling. Flood, fire, and wind exposure each score a remarkable 1 out of 10, supporting clean underwriting and favorable insurance economics. Hamilton Elementary, rated 8 out of 10, anchors the neighborhood's family appeal. Major freeways, thriving employment centers, and robust public transit connections are all within easy reach, fundamentals that sustain demand, validate comparable sales, and strengthen every exit strategy on your model. Whether you are a 1031 exchange buyer seeking a pristine capital preservation vehicle, a value-add investor ready to build on a turnkey foundation, or a developer strategically assembling a land position in one of Southern California's most supply-constrained and policy-favored urban infill markets, this is the opportunity that belongs at the top of your underwriting queue. Assets that unite immediate income, institutional quality finishes, zoning optionality, and locational irreplaceability at this price point are extraordinarily rare. When they appear, the window is brief. The numbers are exceptional. The upside is undeniable. The time to act is now.

Location

State CA

County San Diego

Area 92105 - East San Diego

Zoning R-2:MINOR MULTIPLE

Interior

Fireplace No

Appliance Dryer, Washer

Laundry Inside

Exterior

Pool None

Community Features Sidewalks

View Y/N No

Private Pool No

Building

Lot Description 2-5 Units/Acre

Story 2

Sewer Other

Water See Remarks

New Construction No

Others

Senior Community No

Tax ID 4765603000

Acceptable Financing Cash, Conventional, FHA, Owner Will Carry, VA Loan

Listing Terms Cash, Conventional, FHA, Owner Will Carry, VA Loan

Special Listing Condition Standard

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Listed by Ava Khamooshi Rise Realty info@avakbroker.com, DRE #02061463

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Lucio Real Estate Group

Broker Associate License ID: 01893011

+1(805) 512-0065

joe.lucio@exprealty.com

www.LucioRealEstate.com

1000 Town Center Dr #300, Oxnard, CA 93036, USA

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2351 53 Modesto ST San Diego, CA 92105

Lucio Real Estate Group

Key Details

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2351 53 Modesto ST