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$2,625,000
Est. payment /mo
0.26 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision North Park
MLS Listing ID 260008135SD
HOA Y/N No
Lot Size 0.257 Acres
Property Description
One of San Diego's rarest development opportunities, a permit-approved, shovel-ready site for an 8-story, 70-unit multifamily building in the heart of North Park. Entitlements are secured, architectural plans by Ehrlich Yanai Rhee Chaney Architects are complete, and four occupied residential units renovated in 2023 with new appliances and updated finishes generate $12,885/month ($154,620/yr) in current income while you prepare for construction. The approved project features 70 units averaging ~615 SF (studios, 1BR, 2BR), ground-floor lobby and leasing space, rooftop clubhouse and deck, and 29 underground parking spaces. Projected market rents are supported by comparable properties averaging $4.57/SF with 90%+ stabilized occupancy. At $2,625,000, just $37,500 per approved unit, this assemblage offers compelling value relative to comparable entitled land sales ranging from $69,000 to $115,000/unit. North Park is fully built out with virtually no remaining infill sites of scale. WalkScore of 97. 450,000+ jobs within 15 minutes. Both parcels (APN #446-411-11-00 + APN #446-411-12-00) must be acquired together. Architectural plans and permits for the 70-unit development are available for separate purchase. Inquire with agent for details and pricing.
Location
State CA
County San Diego
Area 92104 - North Park
Interior
Fireplace No
Exterior
Fence Partial
Utilities Available Natural Gas Available
View Y/N Yes
View Panoramic
Present Use Commercial,Residential,Single Family
Building
Lot Description Level
Others
Senior Community No
Tax ID 44641111 and 12
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by Ken Schwartz Century 21 Affiliated #01854235
Nearby Locations
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