Iowa Street Redevelopment 4355 Iowa St 6 Unit Apartment Building $2,475,000 ($412,500/Unit) 4.04% Cap Rate San Diego, CA 92104

* * * please do not disturb residents * * *
3% buyer commission paid upon close of escrow. Seller desires to cash out - no carry back
START NOW !! The property available in this listing is a 6 unit apartment building and 6969.6 sq. ft. of flat land - the largest privately held parcel of the six parcels that comprise this "short block" north of Circle K on El Cajon Blvd. in North Park. It has been 51 years since this property was last available for purchase. Acquiring this property positions you to earn income while, over time, acquire 5 adjacent parcels due South. Optimally, a strategy employed would capitalize on opportunities of deep economic dislocation (which occur from time to time) making additional acquisitions at deep discounts to current values. Each acquired parcel adds significant value to the inevitable redevelopment of this over-looked opportunity. The level terrain allows for maximum unit yield with the lowest possible grading cost. SPROUTS is scheduled to open by Fall at 33rd and El Cajon Blvd. evidencing Sprout's strong conviction of the area's economic longevity. This makes the frequent chore of grocery shopping super convenient at 1/3 mile by car.
With adjacent access to 805 fwy, the location offers quick access to fwys 8, 15, 163 and 94 connecting Downtown, Mission Valley, Beaches, East County and South Bay. The properties within the short black are under Tier 3 Complete Communities overlay zone affording 6.5 Floor Area Ratio (FAR). The total allowed Gross Build-able Area is 6.5 times the underlying land area. Capture this unique opportunity to create your Legacy Wealth.
Description
The assembled short block comprising 6 private parcels accompanied with City granted vacations of Boundary street and E/W alley^ creates approximately 1.15 acres yielding a Gross Build-able Area of 198,000 sq. ft. (233 units @ 850 sf each, 2br/2ba). Current rent rates in zip code 92104 for a larger 2 br/2 ba are $2800/mo., $300 more than zip code 92102, reflecting higher demand and preferred location. 60' height limit allowed outright and possibly one additional level approved through a variance application to create additional units.

^ the State's "Affordable housing for All" policies set San Diego's future on a permanent path forward to become very dense like Los Angeles, Chicago and Seattle. Given this commitment, the City has no cause to deny vacation of their public right of ways that would meaningfully contribute to the creation of needed housing.

CAL TRANS has zero ownership in Boundary Street, a rare exception. Cal Trans' property line is their chain link fence at Boundary St.

OVERHEAD HIGH VOLTAGE ELECTRIC LINES and two high pressure gas lines (existing and to remain) . . .Approximately 425 lineal feet of high tension power lines (69kv, 12kv) require concrete encased under-grounding within the existing utility corridor (25' from the Cal Trans fence on Boundary Street). One 60' steel transmission tower requires removal . . . two poles at North/South ends of the project remain. Additionally, one each 16" and 6" gas line exist and remain in the utility easement.
Density Calculation
Assembled residential zoned block = 1.15 acres (50,094 sf, subject to survey) LESS the non build-able 25' x 475' utility easement corridor (11,875 sf) yields 38,219 sf X 6.5 FAR = 248,423 Gross Build-able Area (call it 248,000 sf ). Applying 20 % for common area/ circulation/ core functions nets 198,400 sf Gross Build-able Area attributable to residential units (80% of 248,000). .using a simplistic program of 100% 2br/2ba prototype, each 850 sq.ft., yield potential is 233 units. Putting a total parcel accumulation cost at $10.5 million yields the land only cost per unit to $45K.
PARKING - a Competitive Advantage
Iowa Street's 80' right of way allows 90 degree head-in parking. With 8' wide stalls the 415' length would accommodate at least 39 spaces, including two disabled and two, 22' wide, double ingress-egress aprons (one for subterranean parking, one for grade level parking). A single level subterranean parking structure utilizing 60% of the site area (allowing for the triangular geometry and utility easement) will produce 71 spaces, including two disabled spaces. (39 + 71 = 110 spaces) . . . utilizing 75% of the parcel at grade level for parking will contribute approximately 86 stalls = 196 total spaces (110 + 86).

Value Add
The subject is comprised of (2) large 1br/1ba units approximately 745sf; (4) 1br/1ba units approximately 575 sf totaling 3,788 sf with (8) on-site parking spaces, a generous ratio at 2.1/1000 sf . . . on street parking often presents space as over-flow . . . capability of expanding two units . . .pro-forma rents are $1895 each for 4 units, $2095 for the larger 2 units.. . . .coin laundry on site . . . optimize rents with assertive management
utility record documents and Cal Trans survey all available