SB 1211 for 24-unit apartment in San Diego
In San Diego, a 24-unit 24-unit apartment just became one of the highest-yield SB 1211 typologies — 14 new homes, ministerially approved. At San Diego's median rent of $2,300/mo, that's ~$386K in additional gross annual rent.
The San Diego scenario
The capital stack on a typical San Diego 24-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.
San Diego watch: San Diego's ADU Bonus Program allows additional density in transit areas.
Large multifamily (10+ unit) design playbook
A 24-unit complex is capped at 8 detached ADUs by statute, so the play shifts toward interior conversions: max(1, ⌊units × 25%⌋) = 6 additional units carved from common rooms, oversized lobbies, basement storage, or laundry rooms.
Pro-forma snapshot
| Existing units | 24 |
| Detached ADUs (SB 1211) | 8 |
| Interior conversions | 6 |
| Total new units | 14 |
| Median 1BR rent in San Diego | $2,300/mo |
| Est. additional gross rent | $386K/yr |
| Estimated total project cost | ~$2,822K |
| Year-1 NOI estimate | ~$290K |
| 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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