316 E 31st St
316 East 31st Street, National City, CA, USA
National City Multifamily Development Opportunity
(8) 2bed/1bath + (4) studio
Top Gun CRE, Inc. is pleased to present the “Sweetwater Crossing Apartments", a 12-unit multifamily development and JV opportunity, in the up-and-coming National City area near Sweetwater River and the Mile of Cars.
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 ready for tear-down. The property has been fully entitled for 12 new multifamily units and 12 off-street parking. The proposed 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. Standard unit amenities will include in-unit washer/dryer, dishwashers, and balconies with additional storage. Current ownership has spent the last several years preparing the property for construction, and all applicable plans are ready for transfer and issuance to a new buyer. In addition, ownership also has architectural concept plans for increasing the project’s square footage and upgrading the unit mix to larger units if a developer should want to increase
Coincidentally, current ownership is also similarly interested in a JV partnership to facilitate developing the property with like-minded individuals. Top Gun CRE is happy to make an introduction and facilitate the conversation on this front, should a party be interested in a JV situation.
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. New multifamily construction in this submarket typically commands high rents, strongly supported by the housing demand from military bases in the area.
In total, this property represents a fantastic investment opportunity positioned in one of San Diego's most up-and-coming urban multifamily markets.