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 !! it's been 51 years since this property was available on this short block super - convenient to freeways 8, 15, 805 connecting Downtown, Mission Valley and Beaches. 6.5 FAR, Tier 3 Complete Communities overlay zone. Capture this unique opportunity to create your Legacy Wealth. Generate income while acquiring adjacent properties over time with each additional acquisition contributing meaningful value. Level terrain allows for maximum unit yield with lowest possible grading cost.
Description
The assembled short block comprising 6 private parcels along with City 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 this a 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 basis to deny vacation of their public right of ways that will meaningfully contribute to create needed housing.

CAL TRANS has zero ownership in Boundary Street, a rare exception. Cal Trans' limit 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) and one each 16" and 6" gas line exist and remain. One 60' steel transmission tower requires removal . . . two poles at North/South ends of the project remain
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 square feet (call it 248,000). 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 of $10.5 million brings the raw land cost per unit to $45K. Other other lots can be purchased at a discount, possibly 20% or more in the inevitable times of economic stress.

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. 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
utility record documents and Cal Trans survey all available