Idea about increasing cash flow on the existing triplex in San Diego

[Wai Chan]

I have just purchased a triplex (two 1b/1b and one 2b/1b, 1700 sq ft in total)  on a 7000sq ft land in San Diego (City Height). The zoning allow me build up to 5 units (1500sq ft max) on this land. I don't think demolish everything and rebuild 5 units is cost effective now so I plan to build two studios or 1b/1b on the empty land and redevelop other building in the future. I anticipate the rent is ~US1000 for 1b/1b. I have no idea how much would it cost to build a studio or 1b/1b. Any idea? What else can I do to increase cash flow as I don't want to waste the empty land. Thanks!

[Justin R.]

Wai Wah Chan What you're describing is what I've been doing for the past couple years. I've got a project going through the same thing now.

Happy to share with you real costs and the gotchas I've experienced if you're interested. PM me so we can chat if you'd like.

Spoiler alert: it's very expensive when you consider all things, but can work out.