SB 1211 for 20-unit apartment in San Diego
In San Diego, a 20-unit 20-unit apartment just became one of the highest-yield SB 1211 typologies — 13 new homes, ministerially approved. At San Diego's median rent of $2,300/mo, that's ~$359K in additional gross annual rent.
The San Diego scenario
The capital stack on a typical San Diego 20-unit apartment project: existing equity (the lot itself, owned outright in many cases), construction loan against the new ADU appraised value, refi at completion against the stabilized rent roll.
Local tip for San Diego: San Diego's ADU Bonus Program allows additional density in transit areas.
Large multifamily (10+ unit) design playbook
A 20-unit complex is capped at 8 detached ADUs by statute, so the play shifts toward interior conversions: max(1, ⌊units × 25%⌋) = 5 additional units carved from common rooms, oversized lobbies, basement storage, or laundry rooms.
Pro-forma snapshot
| Existing units | 20 |
| Detached ADUs (SB 1211) | 8 |
| Interior conversions | 5 |
| Total new units | 13 |
| Median 1BR rent in San Diego | $2,300/mo |
| Est. additional gross rent | $359K/yr |
| Estimated total project cost | ~$2,621K |
| Year-1 NOI estimate | ~$269K |
| Stabilized cap rate at cost | 10.3% |
| Replacement parking required | No (§66313) |
| Approval pathway | Ministerial · §66314 |
| Typical permit timeline in San Diego | 75-110 days |
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