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 large corner lot for redevelopment. The corner lot is 17,568 sqft (0.40 acres) and is located in the heart of Logan Heights on National Avenue, just north of Interstate 5. The corner lot falls under tier 3 of Complete Communities Housing Solutions Zoning, which allows for an increased FAR of 6.5. The base zoning is CC-3-6, which allows for 1 dwelling unit per 1,000 sqft of lot area. Located at 3096 National Avenue, the site consists of three retail spaces. Current ownership performed a phase 1 two years ago that came back clean. Logan Heights is just east of Barrio Logan and is in the path of downtown. Affordable housing developers are being incentivized to build high density properties along transit lines. These zoning overlays (Complete Communities Housing Solutions) continue to be expanded in an attempt to keep up with the demand in housing in San Diego county. The Logan Heights multifamily market has a vacancy rate of 2.7% (via Costar Analytics) with other new construction properties boasting rents ranging from $1,795 - $2,950 per month for Studios to 2BR units.