NORMAL HEIGHTS, SAN DIEGO · RESIDENTIAL DEVELOPMENT STUDY
34th Street: A New Direction Before Selling
An owner considering a sale chose a development partnership. The residential redevelopment reached completion and sold for $2.285 million in September 2023.
$980,000
Acquisition · March 13, 2023 (design and permits included in purchase)
Approx. $720,000
Developer-reported construction · holding costs additional
$2,285,000
Sale · September 15, 2023 (per final settlement)
The issued plans retained and improved portions of the original structure while introducing a two-story addition to the main house and a separate two-story rear building, a garage, and a roof deck. Planned areas (not certified as-built living areas) included approximately 930 sq ft for the main-house addition, 1,338 sq ft for the rear building and laundry, 274 sq ft for the garage, and 402 sq ft for the roof deck. The technical scope involved new stairs, multiple bathrooms and cooking areas, fire and sound separation, and the complex coordination of utilities and solar systems.
From acquisition to sale: 186 days
The ownership period ran from the March 13, 2023 acquisition at $980,000 (design and permits included) through the September 15, 2023 sale at $2,285,000. This 186-day span reflects the overall ownership period, not a separately verified construction duration.
The decision that changed the project
Prior to a sale to recover costs, a development partner proposed a new vision for the site. The parties formed a partnership to execute the redevelopment, closing the acquisition through a partner-managed entity. The owner ultimately opted to develop the land before selling.
Understanding the project numbers
The $980,000 acquisition and approximately $720,000 in developer-reported construction total about $1.70 million before acquisition closing, financing, holding and selling costs. The property sold for $2,285,000 on September 15, 2023. The $585,000 difference between the sale price and those two cost categories is a spread before other project costs, not net profit or investor return. Design and permits were included in the purchase and are not added again as a separate construction cost.
An existing home. A broader development plan.
The project combined renovation and expansion of the front residence with a separate two-story rear building, a garage and a roof deck. Stairs, multiple bathrooms and cooking areas, fire and sound separation, utilities and solar added coordination requirements beyond a cosmetic renovation.
The completed main-house kitchen and open living area.
The role of the developer
Expert project coordination guided the process from initial opportunity assessment through completion and sale. Core responsibilities included development strategy, comprehensive financial analysis, budget oversight, and partner-side coordination. As design and permits were included in the acquisition, the role focused on advancing those plans while keeping all partners aligned for the exit.
Development strategy
Evaluating the property’s potential and helping the owner choose a development path before selling.
Project and budget oversight
Coordinating the work and reviewing project costs and decisions against the development goals.
Owner alignment
Keeping the partnership focused on completion and the intended exit through sale.
The finished property
The developer-reported finished layout includes a three-bedroom, two-bath main house, a two-bedroom, one-bath accessory space and two one-bedroom, one-bath accessory spaces. The photography shows the completed interiors, rear building and outdoor areas.
Rear building and outdoor space
Accessory-space kitchen
Roof deck and outdoor living
See what your property could become.
Considering a renovation, ADU or residential redevelopment in San Diego? Start with a clear view of the opportunity and the next steps. Figures combine transaction records and developer-reported project details. Property address omitted for client privacy.