This professionally managed and well-maintained property offers immediate stability with built-in value-add potential. Recent renovations and rent increases have been issued.

Sold Comps:

7425 Waite Drive is well-positioned against recent sold comparables for several key reasons:

Attractive Price Per Square Foot: The property is priced at $404 per square foot, closely aligned with the average of $403, indicating fair market positioning for the area.

Below-Average GRM: With a GRM of 11.83, it is lower than the average of 12.59, suggesting stronger income relative to price—especially favorable for investors seeking better cash flow metrics.

Cap Rate Advantage: A cap rate of 5.49% is in line with the market average of 5.6%, showing the property provides a competitive return on investment, especially given current financing conditions.

Desirable Unit Mix: With all 12 units being 2-bedrooms, the property appeals to a broad tenant base, enhancing leasing stability and rent growth potential.

Competitive Price Per Unit: At $341,583 per unit, Waite is just above the average of $317,299, yet remains below several comps with inferior locations or older builds—offering strong value for updated interiors and stable income.

©2025 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties  to the accuracy of the information. Buyer to verify all information and bears all risk for any inaccuracies.

Active Comps:

Below Market Asking Price: Priced at $4,099,000, Waite Drive is well below the average active listing price of $4,289,822 and even further below the average of current price indicators ($4,626,185). This positions it as a value opportunity in today’s market.

Attractive Price Per Unit: At $341,583 per unit, it’s priced significantly under the average of $357,485, offering solid cost efficiency for investors looking to maximize unit count per dollar.

Efficient Price Per Square Foot: With a price of $404/SF, the property is substantially under the $479/SF average—making it a more affordable entry point on a per-foot basis than most competitors.

Superior Income Metrics: 7425 Waite’s GRM of 11.83 and CAP rate of 5.49% outperform the averages of 13.65 GRM and 4.90% CAP. This means it offers stronger cash flow and better income efficiency than the majority of active listings.

Desirable 2BR Unit Mix: All 12 units are 2-bedrooms—ideal for tenant retention and broad demand—without the operational challenges of studios or 1BRs. Few comparables offer a similar streamlined layout.

Solid Construction Vintage: Built in 1973, the property is newer than many active comps, avoiding the high deferred maintenance often associated with older 1950s assets while still offering upside for modernization.

©2025 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties  to the accuracy of the information. Buyer to verify all information and bears all risk for any inaccuracies.

Add up to 8 ADU's!

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SB 1211 Explained:

​Senate Bill 1211 (SB 1211), enacted in California and effective January 1, 2025, introduces significant changes to the development of Accessory Dwelling Units (ADUs) on multifamily properties. This legislation allows property owners to construct up to eight detached ADUs on a lot with existing multifamily dwellings, provided the number of ADUs does not exceed the number of existing units on the property. ​

For example, a property with six existing multifamily units can add up to six detached ADUs; a property with ten units can add up to eight ADUs, as that is the maximum permitted. ​

Additionally, SB 1211 facilitates the conversion of non-habitable spaces—such as garages, storage rooms, or boiler rooms—into ADUs. Property owners can convert existing non-livable spaces within multifamily structures into new units, with the number of such conversions capped at 25% of the existing units. For instance, a property with eight units could convert two non-habitable spaces into ADUs (8 units × 25% = 2).

The bill also removes the requirement to replace parking spaces that are repurposed for ADU development, streamlining the process and reducing costs associated with constructing new parking areas. ​

In the context of San Diego, SB 1211 aligns with the city's ongoing efforts to address housing shortages by promoting the development of ADUs. Local regulations may further influence specific requirements, such as setbacks, height restrictions, and design standards. Property owners are encouraged to consult with local planning departments to ensure compliance with both state and municipal regulations when planning ADU projects.