4221 51st St, San Diego, California 92115, San Diego, 92115 - 1 bed, 2 bath
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San Diego, California 92115
This Multifamily Development Site is listed at $625,000, representing a strategic infill opportunity in the high-demand City Heights market. While the price exceeds the $509,077 Fair Market Value, the asset’s value is driven by its RM 1-3 Zoning and Transit Priority Area (TPA) status. These designations, combined with Complete Communities incentives, allow for increased density and floor area ratios. With a Condition Rating of 6, the site is primed for redevelopment near SDSU, Colina Park, and local schools. This is an ideal acquisition for Developers or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 4221 51st St Subject | $595,000* List Price | 1 | 2 | 1,026 | $503 | - |
A 4365 44th St Sold | $675,000 | 2 | 1 | 1,020 | $662 | 0.9 mi |
B 4312 Winona Ave Sold | $420,000 | 2 | 2 | 817 | $514 | 0.2 mi |
C 4203 Spartan Cir Sold | $575,000 | 2 | 1 | 900 | $639 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
Built in 1930 (>90 years old) with no evidence of recent renovations, the property is marketed primarily as an infill development site. The listing emphasizes land value, RM 1-3 zoning, and multifamily redevelopment potential rather than the livability of the existing structure, which is positioned for repositioning or demolition.
The property is zoned RM 1-3 and benefits from Transit Priority Area (TPA) and Complete Communities designations, allowing for significantly increased density, floor area ratios, and height allowances for multifamily projects.
Situated within walking distance of Colina Park, multiple schools, and offering easy access to SDSU and major freeways, the site is perfectly positioned to attract long-term tenants in a high-demand rental market.
The recently vacated single-family residence provides a blank canvas for immediate renovation to generate rental income while the owner pursues plans and permits for future redevelopment.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1026, other record living area = 494.
Built in 1930, the existing structure likely requires substantial modernization or complete demolition, which may involve unforeseen costs related to dated building materials and systems.
As a 1-bedroom residence at a $625,000 price point, the property’s current configuration is inefficient for traditional single-family buyers, making it almost exclusively dependent on its redevelopment value.
Opportunity to acquire a centrally located infill site in the high-demand rental market of City Heights. The property features a recently vacated single-family residence, presenting immediate value-add potential through renovation or repositioning while pursing plans for future development. Currently zoned RM 1-3, the site also benefits from both Transit Priority Area (TPA) and Complete Communities designations—unlocking enhanced density potential, increased floor area ratios, and additional height allowances, making it ideal for a multifamily project. Situated less than a block from Colina Park Golf Course and the adjacent recreation center, the property is also within walking distance to multiple elementary, middle, and charter schools. The location also offers convenient access to San Diego State University, public transit options and excellent connectivity to all major San Diego freeways, enhancing long-term tenant appeal and reinforcing the site’s Transit Priority designation benefits. This is a compelling opportunity for developers and investors to capitalize on both immediate income potential and long-term redevelopment upside in one of San Diego’s active growth corridors.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 3.0 | 1% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,026 | 1,286 | 21% |
| Lot Size | - | 6,098.4 | 19% |
| Price | $595.0K | $950.0K | 3% |
| Price per sq ft | $580 | $734 | 10% |
| Built year | 1930 | 1951 | 5% |
| HOA | $0 | $0 | 50% |
| Days on market | 46 | 129 | 17% |
May 30, 2026
$595,000
$625,000
-5% Price Drop
Initial Listing
Apr 22, 2026
$625,000
Initial Listing
Aug 21, 2015
$195,000
Public Record
Mar 19, 2013
$152,500
Public Record
Mar 3, 1995
$25,000
Public Record