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$1,650,000
PTP2301224 MLS Active Status
Marketing package attached. Drone video: https://vimeo.com/810249636 Rarely available, APPROVED development site in the highly sought-after coastal San Diego markets of Ocean Beach/Point Loma. This sloped, 9,575 SF lot has been fully entitled and approved to build 11 new units (10 market / 1 affordable) with current plans consisting of 3 floors above a basement, 2nd floor parking garage, and future-proofed to allow physical space and electrical capacity for solar panels and EV charger infrastructure. The proposed unit mix consists of (2) 3bed+2bath, (4) 2bed+2bath, (4) 1bed+1bath, and (1) affordable 1bed+1bath units, averaging over 900 SF each, for a combined estimated total of 10,007 rentable SF. The upper units will feature W / NW views, some with balconies. The 2nd-floor parking garage will feature (10) car, (2) motorcycle, (5) bicycle parking spaces. The building has been designed with acoustical sound-reducing considerations to limit adjacent airport noise. The Seller is in the process of extending the existing Building permit, and grading permit is currently active, for Buyer’s use, and will facilitate a transfer of all approved plans, permits, and associated documents to Buyer. Buyer will need to assume the cost of permit and impact fees. Recent sales comps of like-kind new construction suggest an average new valuation of roughly $700K+/unit, with an average in-place cap rate of sub-4%. In fact, the most relevant comp, Nimitz Crossing, located at 3909 Voltaire St about .5 miles from the subject site, is 36 units built in 2020, and which sold in June 2022 for $833K/unit, $923/SF, and with an in-place cap rate of 3.23%. Don’t miss this rare opportunity to acquire one of the few remaining undeveloped parcels in this highly desirable area. All information deemed reliable but not guaranteed. Buyer to do its own due diligence and satisfy itself.

4268 4264 Whittier St, San Diego

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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