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Kevin Silverstein

[email protected] +1(619) 203-7041

$2,575,000

Est. payment - /mo

0.26 Acres Lot

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Key Details

Property Type Vacant Land

Sub Type Lots/Land

Listing Status Active

Purchase Type For Sale

Subdivision North Park

MLS Listing ID 260008135

Lot Size 0.257 Acres

Property Sub-Type Lots/Land

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 Metro Uptown

Direction University to Utah St, head north.

Interior

Fireplace No

Exterior

Fence Partial

Utilities Available Sewer Connected

View Y/N Yes

Water Access Desc Meter on Property

View City, Evening Lights, Panoramic

Present Use Commercial,Residential

Building

Water Meter on Property

Others

Senior Community No

Tax ID 446-411-11 and -12

Acceptable Financing Cash, Conventional, Other/Remarks

Listing Terms Cash, Conventional, Other/Remarks

Virtual Tour https://www.propertypanorama.com/instaview/snd/260008135

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Listed by Ken Schwartz, DRE#01854235 Century 21 Affiliated

Nearby School & Business

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Kevin Silverstein

+1(619) 203-7041

Realtor | CA BRE #02098925

Realtor CA BRE #02098925

San Diego Communities

3933-3941 Utah #0 San Diego, CA 92104

Kevin Silverstein

Key Details

Location

Interior

Exterior

Building

Others

Nearby School & Business

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