MORENA LOT DEEMED 'EXCEPTIONAL OPPORTUNITY' FOR DEVELOPERS, SELLS FOR $1.25 MILLION
by Jennifer Vigil
January 7, 2025
A small lot in Morena, described by brokers as “a unique and compelling investment opportunity,” has been sold for $1.25 million.
The 4,957-square-foot corner lot at 1144 Eureka St. is near the University of San Diego and features a duplex.
According to Marcus & Millichap officials, the .11-acre lot has the potential for views to the south and west and room for diverse development, including multi-family units or potential commercial uses.
Aaron Bove, senior managing director investments is the firm’s San Diego Del Mar office, noted the property’s “combination of favorable zoning, strategic location and the neighborhood’s upward trajectory.”
“This site offers an exceptional opportunity for developers and investors to tap into the growing demand and ongoing positive developments in the Morena/USD area,” Bove said.
Bove and Jared Wallach, an investment associate in the firm’s San Diego Del Mar office, represented the seller, an individual/personal trust. The buyer, Impact Wealth Management, LLC, also was procured by Bove and Wallach.
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services.