5635 Mildred Street, San Diego, California 92110, San Diego, 92110 - 2 bed, 1 bath
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San Diego, California 92110
This Dual-Opportunity Development Asset is listed at $1,395,000, reflecting a strategic valuation above the $1,296,850 Fair Market Value due to its nearly approved 8-unit multifamily entitlements. The property features a Fully Renovated 2-Bedroom Home with a Condition Rating of 2, providing immediate rental income while construction permits finalize. Located on an R-4 Zoned 4,946 Sqft Lot within the San Diego Unified district near USD, the site captures intense rental demand. This high-upside acquisition is ideal for Multifamily Developers or Portfolio Investors looking to capitalize on San Diego's housing shortage.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5635 Mildred Street Subject | $1,250,000* List Price | 2 | 1 | 888 | $1,408 | - |
A 1330 Goshen Street Pending | $1,450,000 List Price | 2 | 1 | 1,176 | $1,233 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
The property is fully renovated with modern finishes including luxury vinyl plank flooring, recessed lighting, and a spa-quality bathroom with navy shaker vanities and quartz countertops. The high-end updates to the kitchen and baths indicate a comprehensive renovation within the last 5 years, making it move-in ready with no immediate maintenance required.
The property is situated on an R-4 zoned lot with nearly approved plans for an 8-unit multifamily development, offering a massive value-add opportunity with reduced entitlement risk.
Located in a supply-constrained corridor just blocks from USD and minutes from the Riverwalk Transit Village, the property is perfectly positioned to capture high demand from students and professionals.
The existing 2-bedroom home is fully renovated with high-end finishes and currently tenant-occupied, providing immediate cash flow while the owner prepares for construction.
The list price of $1.395M for an 888-square-foot home represents a significant premium, as the value is heavily weighted toward the land and development rights rather than the existing structure.
With a lot size of under 5,000 square feet, the site may present architectural and parking challenges when attempting to maximize the density of the proposed 8-unit project.
5635 Mildred Street is a rare dual-opportunity asset in Bay Park — a fully renovated, income-producing home on an R-4 zoned lot with a nearly approved 8-unit multifamily development already. The next owner builds — they don't start over. The location is irreplaceable. A few blocks from USD in one of San Diego's most centrally positioned and supply-constrained rental corridors. Minutes to Mission Valley, Fashion Valley, Riverwalk, and the transformative Riverwalk Transit Village. Direct access to the I-8 and SR-163. Student and professional rental demand here is very strong. The existing home is fully renovated and tenant-occupied, generating income while entitlements finalize. Luxury vinyl plank floors, updated kitchen with stainless appliances, and spa-quality bathrooms with navy shaker vanities, quartz countertops, and large-format tile. Drought-tolerant landscaping, large flat fully fenced rear yard, and detached garage. Hold it. Lease it. Build 8 units.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 1.0 | 2.0 |
| Square foot | 888 | 1,777 |
| Lot Size | 4,946 | 6,600 |
| Price | $1.25M | $1.24M |
| Price per sq ft | $1.4K | $743 |
| Built year | 1954 | 1972 |
| HOA | $0 | $200 |
| Days on market | 78 | 39 |
Jul 17, 2026
$1,250,000
$1,395,000
-10% Price Drop
Initial Listing
May 5, 2026
$1,395,000
Initial Listing
Oct 20, 2023
$935,000
Public Record