3830 1st Ave - Permit Ready 56-Unit Development Site
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3830 1st Ave - Permit Ready 56-Unit Development Site
0.14 Acres of Commercial Land Offered at $2,600,000 in San Diego, CA 92103
INVESTMENT HIGHLIGHTS
- Rare opportunity to acquire a permit ready 56-unit complete communities project in Hillcrest
- Custom designer interiors with exquisite modern fixtures and finishes
- Minutes away from major employment centers such as Downtown and Mission Valley
- Desirable unit mix of studio- and one-bedroom floorplans
- Market rate units exempt from AB1482 rent control measures for 15 years
- Superior walkability to neighborhood coffeeshops, restaurants, shops, theaters & playhouses, parks, and schools
EXECUTIVE SUMMARY
Zorbas, Huffman, and Partners of Marcus & Millichap is pleased to present First Avenue Lofts, a permit ready 56-unit investment opportunity located at 3830 First Avenue San Diego, CA.
The First Avenue Lofts is comprised of sixteen (16) studios averaging 380 sqft each, and forty (40) one-bedroom/one-bathroom units ranging from 570 – 715 square feet. Once built, the eight-story property will be a total of 37,975 square feet (32,215 net rentable). Each apartment unit will be finished with contemporary fixtures and finishes, coming with 9-foot ceilings, quartz countertops, full kitchen appliance packages, HVAC, built-in shelves and storage cabinetry.
The subject property is located in Hillcrest, one of the most coveted locations for renters in San Diego. In and of itself, the site location is also outstanding, giving premium visibility and walkability. The property boasts a walkability score of 97 which walkscore.com calls “a walkers paradise”. It is less than a mile from Balboa Park which offers tennis courts, public pool, baseball fields, archery range, hiking trails, dog park, disk golf course, playground, and a speed track for bicyclist. Residents at the subject property enjoy immediate walking access to the many bars and restaurants on University Avenue, and Robinson Avenue. Lastly, residents enjoy easy access to CA-163 and Interstate 5 and are just minutes away from San Diego’s largest employment centers including Downtown, Mission Valley, and Kearny Mesa.
This property presents a unique opportunity for an investor to purchase development project in Hillcrest, one of the strongest submarkets at the forefront of rental growth in San Diego. The new owner will enjoy the security of having the property situated near comparable apartment complexes, local shopping, and infrastructure. With its innovative design, luxurious enhancements, and optimal high demand unit mix ideal for the local workforce, the First Avenue Lofts provides investors with the unique opportunity to acquire a significant next generation asset that is poised to capture steady rental premiums for generations.
View More: https://www.marcusmillichap.com/properties/149431/first-avenue-lofts
The First Avenue Lofts is comprised of sixteen (16) studios averaging 380 sqft each, and forty (40) one-bedroom/one-bathroom units ranging from 570 – 715 square feet. Once built, the eight-story property will be a total of 37,975 square feet (32,215 net rentable). Each apartment unit will be finished with contemporary fixtures and finishes, coming with 9-foot ceilings, quartz countertops, full kitchen appliance packages, HVAC, built-in shelves and storage cabinetry.
The subject property is located in Hillcrest, one of the most coveted locations for renters in San Diego. In and of itself, the site location is also outstanding, giving premium visibility and walkability. The property boasts a walkability score of 97 which walkscore.com calls “a walkers paradise”. It is less than a mile from Balboa Park which offers tennis courts, public pool, baseball fields, archery range, hiking trails, dog park, disk golf course, playground, and a speed track for bicyclist. Residents at the subject property enjoy immediate walking access to the many bars and restaurants on University Avenue, and Robinson Avenue. Lastly, residents enjoy easy access to CA-163 and Interstate 5 and are just minutes away from San Diego’s largest employment centers including Downtown, Mission Valley, and Kearny Mesa.
This property presents a unique opportunity for an investor to purchase development project in Hillcrest, one of the strongest submarkets at the forefront of rental growth in San Diego. The new owner will enjoy the security of having the property situated near comparable apartment complexes, local shopping, and infrastructure. With its innovative design, luxurious enhancements, and optimal high demand unit mix ideal for the local workforce, the First Avenue Lofts provides investors with the unique opportunity to acquire a significant next generation asset that is poised to capture steady rental premiums for generations.
View More: https://www.marcusmillichap.com/properties/149431/first-avenue-lofts
PROPERTY FACTS
1 LOT AVAILABLE
Lot
| Price | $2,600,000 | Lot Size | 0.14 AC |
| Price Per AC | $18,571,428.57 |
| Price | $2,600,000 |
| Price Per AC | $18,571,428.57 |
| Lot Size | 0.14 AC |
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Walk Score®
Walker's Paradise (97)
Bike Score®
Very Bikeable (71)
ZONING
| Zoning Code | RM3-9 |
| RM3-9 |
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3830 1st Ave - Permit Ready 56-Unit Development Site
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