1130 11th
San Diego, CA 92101
For Sale (Off Mkt)
$7,600,000
Property Description
The 11th Avenue Apartment Homes are comprised of two buildings built 1920 & 1941 situated on a roughly 7,556 sqft lot that is poised for high-rise redevelopment potential. Current zoning reflects a commercial zoning with transit overlay zone, which allows for a substantially increased FAR and reduced parking requirements, in addition to further density bonuses for building green, 3-bedroom units, micro-units, etc. The property is 1-block north of the City College Trolley Line.
The property has been recently upgraded with interior renovations as well as exterior work and rents are roughly at market levels. This property presents an excellent investment opportunity for astute investors to increase value and bring the parcel improvements to their highest and best use with a potential development opportunity, while collecting income from the existing improvements during the entitlement process. The property currently has a historical designation which the owner is working to remove.
Property Details
Property Type
Multifamily
Units
25
SqFt
10,238
Unit Mix
Year Built
(3) 1+1, (22) studio
1920/'41
Price
$7,600,000
Price/Unit
$304,000
Price/SF
GRM
$742
18.77
Cap Rate
3.08%
Property Location
Downtown
