1130-34 11th Ave
1130 11th Avenue, San Diego, CA, USA
For Sale (Off Market)
25 Units Downtown w/ Development Potential and SELLER FINANCING!
(3) 1+1, (22) Studio
*SELLER FINANCING AVAILABLE - 2-YRS I/O w/ $2.5M DOWN (rate negotiable)* Pleased to present the “Sage House Apartments", a rarely available 25-unit apartment with development potential, located within 1 block of the City College Trolley Station in Downtown San Diego. Comprised of 2 structures originally constructed in 1920/'41. 1130 contains a total of 12 studios. 1134 has 13-units including (3) 1bed+1bath & (10) studios. Combined estimated total of 9,100 rentable SF. Buyer to do its own due diligence and verify all measurements.
Est. 7,556 sqft lot zoned CCPD-RE with Complete Communities (Tier 1 - no FAR limit), Transit Priority Area, and Transit Area Overlay zones. There are commercially-zoned parking lots on either side of the property. Combined, all 3 parcels make up an entire City block with substantial development potential. The overlay zones allow for increased flexibility and extreme density bonuses with relaxed parking requirements for mixed-used and affordable housing developments. In 2019, the City established the Transit Area Overlay Zone, under which the subject property falls, being a mere 1-block Northwest of the nearest Trolley station. Said Overlay Zone dramatically reduces minimum parking requirements. Needless to say, these factors make for many flexible and exciting development possibilities. Note however that the 2 adjacent parking lots are owned by a separate owner not related to the sale of 1130-34. It is also important to note that there is a historical designation on 1134 that may hinder or reduce development potential. To circumvent this, a builder may be able to build over/behind the front facade of the property or move the property to a nearby zip code. All buyers should of course do their own due diligence.
This turn-key property has plentiful charm and character, and has had recent interior and exterior renovations such as newer flooring, appliances, kitchens, bathrooms, fixtures, paint, and landscaping. These efficient units command premium rents in this sought-after downtown location. Most of the rents are at or near market, and there is an estimated 16% average rent upside. This allows an investor to collect healthy income while preparing for any future development, or just hold long-term for cash flow as units turn and rents are kept at market. Tenant amenities include gated property entry, on site laundry, a private patio with outdoor seating, and in-unit gas operated stove ranges. Parking lots on either side of the subject property provide monthly paid parking.
In total, this property represents a fantastic turn-key investment opportunity with interesting development potential positioned in one of San Diego's most desirable urban multifamily markets. Don't miss this rare opportunity to acquire a larger multifamily asset in this submarket amid today's ongoing extremely limited inventory.