Investment Overview

Marcus & Millichap, as exclusive marketing and investment advisor is pleased to present for sale a unique opportunity to acquire a four-property development offering in San Diego, California. The subject property is located on 5th Avenue between Ivy Lane and Walnut Ave 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 19,480 square feet (0.45 Acres) and 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-3-9, which allows one dwelling unit for each 400 square feet of lot area, a base FAR of 2.0, and a FAR mixed of 3.0. Located at 3433-3439 5th Ave, 3443-3447 5th Ave, 3505-3511 5th Ave, & 3515-3519 5th Ave, San Diego, CA 92103, the site currently consists of a multi-tenant retail proper-ty, single tenant office building, and a four-unit apartment building. Surrounded by new apartment developments such as Strauss on 5th across the street, local shops and bars along 5th Ave and University Ave, and shopping centers such as The Hub, a 149,212 SF grocery anchored center by Ralphs, Trader Joe’s with Whole Foods across the street all within walking distance. The Hillcrest multifamily market has a vacancy of 2.9% [CoStar Analytics] with new construction 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 and provides access to all parts of San Diego with its central location in the city.