Offer Price:

$850,000

Proforma Cap Rate:

5.02%

Price/SF:

$42.46

Lot Size:

20,017 SF

Status:

Active

Submarket:

Central

Property Type:

Apartments, Land

The Bove Group is pleased to exclusively present an opportunity to acquire a development site ideally located in Encanto, San Diego. The proposed project consists of 10 (3BD, 2BA) rental apartments at 5432-34 Churchward Street, San Diego CA 92114. This is an infill project in a high demand densely populated Encanto neighborhood in Southeast San Diego and is walking distance from public transit station (Trolley and Bus). The project site is currently a half acre vacant lot that was acquired for cash by KYRO in September 2016. Plans include Private Grading, ROW and Building. The proposed development has 10 apartments and approximately 25 parking spaces. The site is at a significant elevation from the sea level and has a view to the ocean. Each unit will have 2 stories, with two bedroom and a bathroom downstairs and family room, kitchen and a bedroom and a bathroom upstairs to maximize the benefit of the ocean view . Based on the elevation and angle, it is expected that ocean view will be available to each unit from the second-floor balcony thereby enhancing desirability and rents. One of the rental units has been put in long term affordable housing program to take advantage of state bonus density law and other incentives available for mixed use housing. Necessary agreements have been fully executed with San Diego Housing Commission.

This is a shovel ready project and has potential to bring excellent return to the owner.

Listed By:

Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 373-3237