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1130 11th

San Diego, CA 92101

For Sale (Off Mkt)

$7,600,000

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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

Contact Agent

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