316 E 31st St

$6.3M estimated new construction valuation! Top Gun CRE, Inc. is pleased to present the “Sweetwater Crossings", a 12-unit, fully entitled multifamily development opportunity, in the up-and-coming National City area near Sweetwater River and the Mile of Cars.

Reasonable total acquisition and construction costs are estimated to be $4.7M, suggesting a healthy profit can be had on this shovel-ready project. A full project summary and detailed financial estimates can be provided upon request.

The subject property is comprised of roughly 8,700 SF of lightly-sloped land with National City mixed-use zoning (MXC-2). Existing improvements include a vacant, roughly 900 SF SFR, which is in process of being demolished. The Seller will deliver the property free and clear of any existing improvements.

The property has been fully entitled for 12 new multifamily units and 12 off-street parking spots. The proposed baseline unit mix consists of (8) roughly 730 SF 2-bed/1-bath units, (2) roughly 800 SF 1-bed/1-bath two-story loft units, and (2) roughly 400 SF 1-bed/1-bath studio units. However, the Seller has also established a value-engineered, upgraded floorplan to increase the size of the units and add additional bathrooms and den/office areas in select units. This upgraded layout provides an additional 1,200 SF+ of living space and higher projected market rents with an all-around superior unit mix. Income projections have been provided for both floorplan scenarios. A buyer should be able to utilize the upgraded floorplan once permits are pulled for the project.

Standard unit amenities will include in-unit washer/dryer, dishwashers, and balconies with additional storage. Additional income can be generated from parking. The property will be sub-metered for all utilities, reducing the overall expense load.

Current ownership has spent the last several years preparing the property for construction, and all applicable plans and permits are ready for transfer and issuance to a new buyer.

Recent comps of similar properties suggest a completed valuation of well over $6M. There are many recent examples of proof of concept in the immediate area as there are several similar projects in the pipeline in the immediate vicinity.

This project is well-located in the path of progress in coastal National City, with close proximity to the bayfront, parks, shopping, transportation, and of course, National City's infamous Mile of Cars.

In total, this property represents a fantastic investment and development opportunity positioned in one of San Diego's most up-and-coming urban multifamily markets.