Investment Overview

Marcus & Millichap is pleased to present, on an exclusive basis, the opportunity to acquire 3282 & 3288 El Cajon Blvd, a high-profile development site located at the corner of El Cajon Blvd and 33rd Street, in the heart of San Diego’s Normal Heights neighborhood.  The offering includes a ±6,000-square-foot, two-story multi-tenant retail and office building situated on a 15,404-square-foot corner lot. With short-term leases in place, the property delivers in-place income while a buyer navigates the entitlement and planning  process, making it a rare income-generating development opportunity. Located within Tier 3 of San Diego’s Complete Communities Housing Solutions program, the site benefits from a 6.5 FAR and unlimited density, allowing for the potential development of up to 100,126 buildable square feet. This zoning unlocks significant flexibility for a high-density residential or mixed-use project. Importantly, Normal Heights has not experienced the same level of new multifamily development as nearby North Park and Hillcrest, which have become increasingly saturated with new product. This positions the site as a rare opportunity to deliver high-density housing in a market with strong demand but less competition from recent deliveries. Bordering North Park and Kensington, Normal Heights offers a unique blend of character and modern appeal. With strong walkability and a growing lineup of local retailers, coffee shops, and eateries, it continues to make it a top choice for young professionals looking for a lively, connected lifestyle. Additionally, Sprouts Farmers Market is set to take over the Pancho Villa space directly across the street in the near future, further enhancing the area’s retail landscape and signaling continued neighborhood growth. This offering presents a rare opportunity to secure a prime corner lot with strong fundamentals, flexible zoning, and significant long-term development potential on of San Diego’s top performing apartment rental markets.