Investment Overview

Marcus & Millichap is pleased to present a rare development opportunity in the North Park neighborhood of San Diego, CA. This shovel ready vacant 7,004 SF lot has approved plans and ready to issue permits to construct a euro contemporary mixed-use building with 24 apartment units, 1 ADU residential or commercial unit, and 1 small commercial space. 4015 Idaho St has a base zoning of RM-3-9 and a Tier 3 Complete Communities designation. The design is optimized for affordable housing density bonus, microunit laws, and zero parking regulations on a standard size 50’x140’ city lot. The construction drawings are approved by city development services and drawings have been meticulously reviewed and value engineered by a pre-construction consultant builder with 30+ years’ experience. All construction bids, drawings, and plans will transfer with the sale. The project will include (3) studio units, (6) studio + loft units, (10) one-bedroom/one-bathroom units, (1) affordable one-bedroom/one-bathroom unit, (3) one-bedroom/one-bathroom + loft units, and (1) one-bedroom/two-bathroom + loft unit. In addition, there will be a ground level ADU residential or commercial space and one additional small commercial space. With a close attention to detail, this project has been carefully designed with unique loft high ceilings, private balconies, and two entertainer community roof decks with endless 360-degree city views. Located directly across the street from North Park Community Park, tenants will enjoy unobstructed views and access to an abundance of street parking for many years to come. This is a unique opportunity to acquire a shovel ready mixed-use development deal in one of San Diego’s most popular rental markets. With a walk score of 97, this property is steps away from local restaurants, shops, bars, and attractions. North Park continues to attract high quality and reliable tenants. Increasing market demand throughout the neighborhood will keep vacancy rates low and rent increases steady. This property is well positioned with the investor’s longevity in mind.