Investment Overview

1013 Morena Blvd presents a rare infill redevelopment opportunity in San Diego’s Morena Station District, located within the updated Morena Corridor Specific Plan and positioned near major transit, USD, and surrounding coastal/urban demand drivers. The site consists of approximately 0.61 acres with 75 feet of frontage along Morena Blvd and 359 feet of depth, offering a strong development profile for a future mixed-use or multifamily project. The property is being offered at $6,750,000, with a 2024 “as-is” appraisal value of $6,000,000. While the list price is above the as-is appraised value, the premium is supported by the property’s redevelopment upside, completed diligence, existing income, and favorable entitlement framework. The commissioned feasibility study confirms a maximum FAR of 4.0, allowing approximately 104,648 gross square feet and potential for up to 114 residential units through the Morena Corridor Specific Plan, Morena Station District, Complete Communities Housing Solutions Tier 4, TOD Enhancement, and applicable state density bonus programs. At the current list price, the land basis equates to approximately $59,200 per potential unit, which remains attractive relative to the scarcity of transit-oriented infill development sites in San Diego. The zoning framework provides meaningful advantages for developers, including significant parking relief, potential waivers on setbacks, open space, lot coverage, and design standards, along with a ministerial approval path intended to reduce entitlement risk and accelerate housing production. The opportunity is further supported by several key de-risking factors that help justify pricing beyond the as-is appraisal. Phase I and Phase II environmental reports have been completed, and the property has received a No Further Action letter from the SAM Division, providing environmental clarity for future development. Additionally, there are no known fatal geotechnical or development constraints based on completed diligence. The existing approximately 7,400-square-foot building generates roughly $198,000 in annual income, giving investors interim cash flow while pursuing future approvals or development planning. Together, the completed feasibility work, environmental clearance, existing income stream, and high-density development potential create a compelling basis for the asking price and position 1013 Morena Blvd as a highly attractive redevelopment candidate in one of San Diego’s most supply-constrained infill corridors.