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3774 5th Ave - Hillcrest Heritage
0.3 Acres of Residential Land Offered at $5,000,000 in San Diego, CA 92103
Investment Highlights
- Central location with very high walk scores!
- Other major projects going in right now!
- Very desirable neighborhood would garner top rents!
- Current income while you work on permitting!
Executive Summary
Financial Summary (Pro forma - 2020) |
Annual | Annual Per AC |
|---|---|---|
| Gross Rental Income |
$211,596
|
$697,415.95
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,000
|
$32,959.79
|
| Effective Gross Income |
$201,596
|
$664,456.16
|
| Taxes |
$55,000
|
$181,278.84
|
| Operating Expenses |
$24,000
|
$79,103.49
|
| Total Expenses |
$79,000
|
$260,382.33
|
| Net Operating Income |
$122,596
|
$404,073.83
|
Financial Summary (Pro forma - 2020)
| Gross Rental Income | |
|---|---|
| Annual | $211,596 |
| Annual Per AC | $697,415.95 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,000 |
| Annual Per AC | $32,959.79 |
| Effective Gross Income | |
|---|---|
| Annual | $201,596 |
| Annual Per AC | $664,456.16 |
| Taxes | |
|---|---|
| Annual | $55,000 |
| Annual Per AC | $181,278.84 |
| Operating Expenses | |
|---|---|
| Annual | $24,000 |
| Annual Per AC | $79,103.49 |
| Total Expenses | |
|---|---|
| Annual | $79,000 |
| Annual Per AC | $260,382.33 |
| Net Operating Income | |
|---|---|
| Annual | $122,596 |
| Annual Per AC | $404,073.83 |
Property Facts Under Contract
| Price | $5,000,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Conditions | Redevelopment Project | Total Lot Size | 0.30 AC |
| No. Lots | 1 |
| Price | $5,000,000 |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.30 AC |
1 Lot Available
Lot
| Price | $5,000,000 | Lot Size | 0.30 AC |
| Price Per AC | $16,479,895 |
| Price | $5,000,000 |
| Price Per AC | $16,479,895 |
| Lot Size | 0.30 AC |
"Hillcrest Heritage" is a marquee development project in the revitalizing central San Diego neighborhood of Hillcrest. This property will be one of the cornerstones of neighborhood redevelopment. Centrally located on 5th Ave. just south of Robinson.
Description
Currently a mixed use property consisting of 10 residential units and two commercial units. Under current zoning a total of 33 units can be built. If you utilize Density Bonus regulations current zoning allows up to 66 residential units and commercial. Total square footage of improvements would be 39,648 and project could be built up to 200 feet in height. The Density Bonus is permissible as long as 2 units are designated for very low income (30-55% of the median income) plus all current units which are low income be replaced in the new development as low income units. For example, if it is determined that the seven residential units are low income. Then these units would be replaced as 7 low income units in the new project. The very low and low income units are deed restricted for 55 years.
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,972,016 (2024) | |
| Land Assessment | $724,150 (2024) | Annual Taxes | $55,000 |
| Improvements Assessment | $1,247,866 (2024) | Tax Year | 2020 |
PROPERTY TAXES
zoning
| Zoning Code | CC-3-9 (Allows up to 66 residential units plus commercial (with the Density Bonus)) |
| CC-3-9 (Allows up to 66 residential units plus commercial (with the Density Bonus)) |
Presented by
3774 5th Ave - Hillcrest Heritage
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