4621 Alabama, San Diego, California 92116, San Diego, 92116 - 2 bed, 4 bath

4621 Alabama, San Diego, California 92116 home-pic-0
ACTIVE$1,499,000
4621 Alabama, San Diego, California 92116
2Beds
4Baths
1,565Sqft
3,324Lot

Price Vs. Estimate

The estimated value ($1,367,176.56) is $131,823.44 (8%) lower than the list price ($1,499,000). This property may be overpriced.

Key pros and cons

Top Pros:
Exceptional Income Potential: The property offers significant rental income potential with a main house and two fully furnished, remodeled studios, plus fully permitted plans for an additional second-floor ADU, allowing for immediate construction and maximized returns.
Top Cons:
Older Construction & Potential System Updates: Built in 1927, despite cosmetic remodels, the underlying infrastructure (e.g., plumbing, electrical, HVAC) may still be original or require significant updates, potentially leading to unforeseen maintenance or replacement costs.

Compared to the nearby listings

Price:$1.50M vs avg $1.31M (+$189,000)60%
Size:1,565 sqft vs avg 1,344 sqft64%
Price/sqft:$958 vs avg $98644%

More Insights

Built in 1927 (98 years old).
Condition: This property, built in 1927, has undergone extensive and high-quality renovations, making it move-in ready. The main house features a beautifully remodeled kitchen with custom wood cabinetry, Italian tile backsplash, and new Pella windows. Italian hardwood floors are present throughout, and the bathrooms are updated and clean. The two studios are also remodeled, featuring modern amenities like mini-split AC units and updated bathrooms. While the cosmetic and visible functional components are in excellent condition, the property's age suggests that some underlying systems (e.g., original plumbing, electrical, or main house HVAC) may not have been fully replaced during the renovation, which prevents an 'Excellent' rating. However, the property clearly meets the criteria for 'Good' due to its comprehensive and recent updates.
Year Built
1927
Close
-
List price
$1.5M
Original List price
$1.5M
Price/Sqft
$958
HOA
-
Days on market
-
Sold On
-
MLS number
250040575SD
Home ConditionGood
Features
Deck
Patio
View-

About this home

This exceptional property presents a rare investment opportunity in one of San Diego's most desirable neighborhoods.  The property combines a beautifully remodeled Spanish-style 2-bedroom, 2-bathroom home with two fully furnished, remodeled studios.  The main house is charming Spanish-style home with timeless craftsmanship and Mediterranean features. It boasts beautiful Italian hardwood floors, a remodeled kitchen with Italian tile backsplash and custom wood cabinetry, beamed ceilings, and new Pella windows.  One studio is located above the garage and features a cantina door opening to an outdoor balcony, as well as a wet bar, refrigerator, and built-in Murphy bed.  The bottom studio is a converted garage and has similar amenities. The property features mature landscaping, fruit trees (lemon, fig, pomegranate, passion fruit), and Spanish outdoor tile and new fencing for privacy and peaceful relaxation.  Fully permitted plans are in place to add a second-floor ADU (Accessory Dwelling Unit) with a separate address, ready for immediate construction.  Live in one unit, rent out the others, and maximize your income by adding the planned ADU.  Just steps from Trolley Barn Park, cafes, restaurants, shopping and nightlife.  Close to freeway access, 5-minute drive to Balboa Park and Downtown San Diego, this property has it all.

Nearby schools

8/10
Garfield Elementary School
Public,K-50.5mi
8/10
Birney Elementary School
Public,K-50.5mi
6/10
Jefferson Elementary School
Public,K-51.1mi
8/10
Florence Elementary School
Public,K-51.5mi
5/10
Roosevelt International Middle School
Public,6-81.5mi
5/10
Hoover High School
Public,9-122.6mi
Condition Rating
Good

This property, built in 1927, has undergone extensive and high-quality renovations, making it move-in ready. The main house features a beautifully remodeled kitchen with custom wood cabinetry, Italian tile backsplash, and new Pella windows. Italian hardwood floors are present throughout, and the bathrooms are updated and clean. The two studios are also remodeled, featuring modern amenities like mini-split AC units and updated bathrooms. While the cosmetic and visible functional components are in excellent condition, the property's age suggests that some underlying systems (e.g., original plumbing, electrical, or main house HVAC) may not have been fully replaced during the renovation, which prevents an 'Excellent' rating. However, the property clearly meets the criteria for 'Good' due to its comprehensive and recent updates.
Pros & Cons

Pros

Exceptional Income Potential: The property offers significant rental income potential with a main house and two fully furnished, remodeled studios, plus fully permitted plans for an additional second-floor ADU, allowing for immediate construction and maximized returns.
Prime Location & Walkability: Situated in the highly desirable University Heights neighborhood, the property is steps from Trolley Barn Park, cafes, restaurants, shopping, and nightlife, with convenient freeway access and a short drive to Balboa Park and Downtown San Diego.
High-Quality Renovations & Charm: The main Spanish-style home and studios feature beautiful remodels, including Italian hardwood floors, a custom kitchen with Italian tile, beamed ceilings, new Pella windows, and mature landscaping, offering move-in ready appeal.
Approved ADU Plans: The availability of fully permitted plans for a second-floor ADU with a separate address significantly de-risks and streamlines the value-add process, providing a clear path to increased property value and future rental income.
Multi-Unit Flexibility: The current configuration of a main house and two separate studios provides immediate flexibility for owner-occupancy with rental income, or a pure investment strategy, catering to diverse buyer needs.

Cons

Older Construction & Potential System Updates: Built in 1927, despite cosmetic remodels, the underlying infrastructure (e.g., plumbing, electrical, HVAC) may still be original or require significant updates, potentially leading to unforeseen maintenance or replacement costs.
Limited On-Site Parking: With a relatively small lot size (3324 sqft) and multiple existing units plus a planned ADU, on-site parking may be constrained, potentially relying heavily on street parking in a dense urban neighborhood.
Construction Disruption for ADU: While the permitted ADU plans are a major strength, the actual construction process will inevitably cause temporary noise, dust, and inconvenience for current residents or tenants during the build-out phase.

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