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Commercial Asset Advisors Completes $2.3 Million Sale of Renovated 10-Unit Multifamily Property in San Diego

CAA
Sep 9
2 min read

SAN DIEGO | SAN DIEGO, CA (August 21, 2026) – Commercial Asset Advisors (CAA) is pleased to announce the $2,300,000 sale of a 10-unit multifamily property located at 2411–21 L St, San Diego, CA 92115. The transaction closed on August 21, 2026.


Maxwell Brown, Senior Vice President – Multifamily Investment Sales at Commercial Asset Advisors, represented the seller in the transaction. The buyer was self-represented.


The approximately 3,572-square-foot property combines renovated units with partial new construction, providing an improved multifamily asset with additional value-creation potential.


At the time of sale, the property generated an in-place capitalization rate of 6.18% and a 10.56 gross rent multiplier (GRM). The asset also offers the potential to achieve an estimated 7.20% Yield on Cost with the buildout of the planned garage ADUs.


"2411-21 L St was an attractive turnkey, renovated, and partial new construction asset with additional upside in a Class C location. Although this was an attractive asset, the sale still presented several complex issues during escrow, including financing hurdles, and its successful closing demonstrates the value of experienced, sophisticated representation in a tight market.”, commented Maxwell Brown, Senior Vice President at Commercial Asset Advisors.


For owners navigating today's multifamily market, execution increasingly requires more than simply identifying a buyer. Financing conditions, underwriting requirements and transaction complexity can create significant obstacles between an accepted offer and a

successful closing.


Commercial Asset Advisors is a San Diego-based commercial real estate brokerage providing sales, leasing, and advisory services throughout Southern California.


For more information, or to request a complimentary property assessment, contact:


Maxwell Brown, Senior Vice President – Multifamily Investment Sales | DRE Lic #02127395 | mbrown@caacre.com


About Commercial Asset Advisors

Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,500 sale and lease transactions totaling over $1.5+ billion in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.


 
 
 

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