Investment Overview

The Totah Group of 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 two-property development offering in San Diego, California. The subject property is located on University Avenue between Richmond & Vermont Street in the urban neighborhood of Hillcrest, one of San Diego’s focal points for new developments and a top performing apartment rental market. The two parcels total approximately 10,506 square feet (0.24 Acres) 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-3-8, which allows one dwelling unit for each 600 square feet of lot area, a minimum FAR of 1.5, and a FAR mixed of 2.5. Located at 1243 & 1251 University Ave, San Diego, CA 92103, the site currently consists of two retail properties with tenants on month-to-month leases. Both properties have just received full historical clearance from The City of San Diego. Surrounded by numerous apartment developments, local shops, restaurants, bars and other nearby amenities along University Ave, and shopping centers such as The Hub, a 149,212 SF grocery-anchored center by Ralphs and Trader Joe’s all within walking distance and UC San Diego’s Hillcrest Campus a 60 acre, 250,000 SF hospital revitalization project. The Hillcrest multifamily market has a vacancy of 2.9% [CoStar Analytics] with 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, close to major public transportation, and quick access to all parts of San Diego with its proximity to State Route 163, Interstate 5, and Interstate 8.