Property Detail

Description

Wow, this is it! Probate Sale, Incredible Opportunity. A rare combination of lot size, existing building structures, zoning, and an excellent transit close, but quiet, location, which all combine to make this property ideal for almost all multi-unit buyers. Whether you are an apartment or condo developer, a small unit investor, or an owner-occupied buyer looking for added units to help pay the mortgage, don't let this one pass you by. The property is located in the heart of the Mission Bay/Pacific Beach Commercial District, yet off the main streets, so an ideal rental and living spot. Its proximity to transport, including Trolley, and a variety of commercial and recreational activities is 2nd to none. See Supplement for zoning options and uses! For all of the following, BUYER to verify everything and not rely on the information provided. Per public record, it APPEARS the underlying zoning is RM-3-8. This allows a FAR of 2.25. With a lot size just over 8000 sf, this allows construction of 8 units by right with the current codes, averaging over 2000sf each. With such little new construction of "for sale" condo inventory, this could be ideal! Or build a great new apartment community. There is a Complete Communities overlay, but it only affords an extra .25 on the FAR, so the existing zoning with possibly some nominal income restricted unit(s) might be the best layout. There is alley access which makes it easier for future construction. Another great use is to just rehab all of the existing units. They have a great layout with a free-standing house in front and 3 units in the back PLUS two 2-car garages!!! In 92109, these are golden units. Using the City of San Diego Bonus ADU program could improve the investment cash performance even more, with some additional construction! Or finally, this is an ideal owner-occupied property, as even the 1 bedroom units are 600+SF. Excellent opportunity for the novice investor to live on-site and have the extra rental units income to help or completely pay the mortgage. The property does have deferred maintenance and will SELL completely "AS IS" due to the probate nature. Administrator has very limited knowledge of property, so all buyers must do their due diligence and investigations. Property is not subject to overbid, however there could be a requirement for court confirmation of the sale.