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Multi-Family

University & Herbert

1601 -1607 University Ave, San Diego, CA 92103

Listing Price: $9,350,000

Lot Size
0.43 acres
Price/Acre
$21,631,931
Land Type
Redevelopment
Buildable Square Feet
150,000

Investment Overview

Marcus & Millichap has been retained by ownership on an exclusive basis to market the property for sale and presents a unique opportunity to acquire a four-property development offering in San Diego, California. The subject property is located on the corner of University Avenue & Herbert Street in the urban neighborhood of Hillcrest, one of San Diego’s focal points for new developments and a top performing apartment rental market. The four parcels total approximately 18,828 square feet (0.43 Acres) fall under the Tier 2 of the recently adopted Complete Communities Housing Solutions Zoning, which permits an increased FAR allowance of 8.0, the second highest in the entire county. The underlying zoning is CC-3-8, which allows one dwelling unit for each 600 square feet of lot area, a minimum FAR of 1.5, and a FAR Mixed of 2.5. Located at 1601-7 University Ave, 3843 Herbert St, 3839 Herbert St, and 3833 Herbert St, San Diego, CA 92103, the site currently consists of two retail properties, two residential homes, and one billboard. All four properties have just received full historical clearance from The City of San Diego. Surrounded by new apartment developments such as Eitol Luxury Loft Towers across the street, local shops and bars along University Ave, and shopping centers such as The Hub, a 149,212 SF grocery-anchored center by Ralphs and Trader Joe’s all within walking distance and UC San Diego’s Hillcrest Campus a 60-acre, 250,000 SF hospital revitalization project. The Hillcrest multifamily market has a vacancy of 2.9% [CoStar Analytics] with rents ranging from $2,095 - $4,695 per month for Studios to 2BR units. Just north of downtown San Diego and Balboa Park, this area is one of San Diego’s most populated neighborhoods, close to major public transportation, and quick access to all parts of San Diego with its proximity to State Route 163, Interstate 5, and Interstate 8.

Investment Highlights

  • San Diego Urban Infill Redevelopment Opportunity
  • 4 Buildings and 4 Parcels with a total of 18,828 SF of Land
  • Complete Communities Zoning Tier 2 allows for FAR 8.0
  • Full Historical Clearance from The City of San Diego

Exclusively Listed By

Financing By

Multi-Family

University & Herbert

Listing Price: $9,350,000

Lot Size
0.43 acres
Price/Acre
$21,631,931
Land Type
Redevelopment
Buildable Square Feet
150,000

Investment Highlights

  • San Diego Urban Infill Redevelopment Opportunity
  • 4 Buildings and 4 Parcels with a total of 18,828 SF of Land
  • Complete Communities Zoning Tier 2 allows for FAR 8.0
  • Full Historical Clearance from The City of San Diego

Investment Overview

Marcus & Millichap has been retained by ownership on an exclusive basis to market the property for sale and presents a unique opportunity to acquire a four-property development offering in San Diego, California. The subject property is located on the corner of University Avenue & Herbert Street in the urban neighborhood of Hillcrest, one of San Diego’s focal points for new developments and a top performing apartment rental market. The four parcels total approximately 18,828 square feet (0.43 Acres) fall under the Tier 2 of the recently adopted Complete Communities Housing Solutions Zoning, which permits an increased FAR allowance of 8.0, the second highest in the entire county. The underlying zoning is CC-3-8, which allows one dwelling unit for each 600 square feet of lot area, a minimum FAR of 1.5, and a FAR Mixed of 2.5. Located at 1601-7 University Ave, 3843 Herbert St, 3839 Herbert St, and 3833 Herbert St, San Diego, CA 92103, the site currently consists of two retail properties, two residential homes, and one billboard. All four properties have just received full historical clearance from The City of San Diego. Surrounded by new apartment developments such as Eitol Luxury Loft Towers across the street, local shops and bars along University Ave, and shopping centers such as The Hub, a 149,212 SF grocery-anchored center by Ralphs and Trader Joe’s all within walking distance and UC San Diego’s Hillcrest Campus a 60-acre, 250,000 SF hospital revitalization project. The Hillcrest multifamily market has a vacancy of 2.9% [CoStar Analytics] with rents ranging from $2,095 - $4,695 per month for Studios to 2BR units. Just north of downtown San Diego and Balboa Park, this area is one of San Diego’s most populated neighborhoods, close to major public transportation, and quick access to all parts of San Diego with its proximity to State Route 163, Interstate 5, and Interstate 8.

Exclusively Listed By

Financing By

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