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
HERE's a ROAD to YOUR WEALTH ! Acquire adjacent properties over time with cash generating income. Flat, friendly dirt for the maximum unit yield in Tier 3 Complete Communities overlay zone Floor Area Ratio 6.5 . . Six total, privately owned parcels including the subject comprise this residential "short block" offering a GBA (Gross Build-able Area) = 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
By the City vacation of Boundary Street ^ (60' ROW) and the east-west 10' wide alley connecting to Iowa Street, the assembled block accrues 1.15 acres* of redevelopment potential in this RM-3-9 base zone. 60' height limit outright, likely a 7th level approved through a planned development variance, yielding additional units
CALIFORNIA DEPARTMENT of TRANSPORTATION has NO ownership in Boundary Street, a rare exception. Cal Trans ownership stops at their chain link fence shown in photos and video
OVERHEAD HIGH VOLTAGE ELECTRIC LINES and two high pressure gas lines (existing) . . .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 St., one each 16" and 6" gas line exist) . . .a single 60' steel tower pole requires removal . . . two poles at North/South ends of the project remain . . . .
POTENTIAL . . . .
Assembled residential zoned block = 1.15 acres (50,094 sf) LESS the non build-able 25' x 475' utility easement corridor (11,875 sf) yields 38,219 sf X 6.5 FAR = 248,423 GBA (call it 248,000). Applying 20 % for common area/ circulation/ core functions nets 198,400 sf GBA (80% of 248,000). .using a simplistic program of 100% 2br/2ba prototype, each 850 sq.ft., yield potential is 233 units. Putting a cost of $20 MM to acquire the other 5 lots, the per unit land cost is under $100K/unit.
Likely the other lots can be purchased 20%- 30% less in the inevitable times of economic disruption
PARKING as 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. Total of 110 spaces . . . utilizing 75% of the parcel at grade level for parking will contribute approximately 86 stalls = 196 total spaces.
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
OPPORTUNITY KNOCKS . . 1.15 acres, TIER 3 COMPLETE COMMUNITIES FAR 6.5 . . .
it's been 51 years since this largest parcel on this "short block" of 4300 Iowa St.was last available in 1974 . . . bank this now, accumulate other parcels during inevitable economic disruptions and dislocations . . . access does NOT exist to the Union 76/Circle K from Boundary St. . . . what will this 1.15 acre assembled parcel West of 805 just 6 miles to downtown be worth in 15 SHORT years from today ?
*subject to survey
^ the City of San Diego's "Affordable housing FOR ALL" mode will lead San Diego to mimic MAJOR URBAN cities like Seattle, Chicago, NYC. It has NO reason to deny vacation of their public rights of ways. Yes, there WILL BE a negotiated trade - off for the number of affordable units which can be mitigated through engagement of a prominent public relations firm.
Utility record as-built documents and Cal Trans survey are available