3781 Alabama St, San Diego, California 92104, San Diego, 92104 - 2 bed, 2 bath
Loading property details...
San Diego, California 92104
This property presents a High-Potential Investment Opportunity with a List Price of $1,695,000, positioned above the $1,462,869 Fair Market Value. While priced at a premium, the asset includes Ready-to-Issue (RTI) permits for 9 additional units, significantly reducing development risk. The existing 2-bed/2-bath residence maintains a Condition Rating of 2 (Mint), offering immediate rental utility. Located in a high-demand North Park corridor near Jefferson Elementary, this is a strategic acquisition for Multi-Family Developers or Buy-and-Hold Investors focused on long-term density growth.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3781 Alabama St Subject | $1,695,000* List Price | 2 | 2 | 1,114 | $1,313 | - |
A 2618 Landis St Sold | $1,265,000 | 3 | 2 | 1,038 | $1,219 | 0.4 mi |
B 3642 Arizona Street Sold | $1,380,000 | 3 | 2 | 1,260 | $1,095 | 0.3 mi |
C 2911 29th St Sold | $1,530,000 | 2 | 2 | 1,285 | $1,191 | 1.0 mi |
D 3594 31st Street Active | $1,399,999 List Price | 2 | 2 | 1,255 | $1,116 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
While originally built in 1923, the property is described as fully renovated and images confirm a high-end, modern interior. The kitchen features contemporary flat-panel cabinetry, quartz countertops, and stainless steel appliances, while the presence of recessed lighting and updated flooring indicates a comprehensive recent renovation (likely <5 years) in mint condition.
The property is delivered with ready-to-issue (RTI) plans and permits for 9 additional apartment units, significantly reducing entitlement risk and project lead time for investors.
Situated in the heart of North Park, the property offers exceptional walkability to University Avenue’s vibrant dining and retail scene, as well as proximity to Balboa Park and Downtown.
The original 2-bedroom, 2-bathroom residence is fully renovated, providing immediate rental income or a high-quality living space while the rear development progresses.
The $1.695M list price reflects the development potential rather than the current structure's utility, requiring a buyer with significant liquid capital and a development-focused strategy.
Executing the ground-up construction of 9 units requires substantial additional investment and the expertise to manage a complex multi-unit project in an urban environment.
Whitewater Commercial Real Estate presents: 3781 Alabama St. a fully renovated 2-bed / 2-bath single-family residence in North Park and will be delivered with ready to issue plans & permits for the development of (9) ground up 1-bed / 1-bath apartment units behind the home. Located within walking distance of North Park’s vibrant dining, retail, and entertainment amenities along University Avenue, the property offers residents exceptional walkability and convenience with easy access to Downtown San Diego and Balboa Park. Combined with permit-ready plans and attractive projected rental income, 3781 Alabama St offers investors the opportunity to capitalize on a premier development site in one of San Diego’s strongest rental markets.
No exterior & parking available.
Grades K-5 • 0.5 mi
Grades 6-8 • 0.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,114 | 1,777 |
| Lot Size | - | 6,600 |
| Price | $1.70M | $1.24M |
| Price per sq ft | $1.5K | $743 |
| Built year | 1923 | 1972 |
| HOA | $0 | $200 |
| Days on market | 6 | 39 |
Jul 16, 2026
$1,695,000
Initial Listing
May 2, 2023
$1,040,000
Public Record