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509 Park Blvd
San Diego, CA 92101
Palms Hotel · Hospitality Property For Sale
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78 Rooms
PROPERTY FACTS
| Property Type | Hospitality | Building Size | 34,750 SF |
| Property Subtype | Hotel | No. Rooms | 78 |
| Building Class | C | No. Stories | 3 |
| Lot Size | 0.38 AC | Year Built/Renovated | 1869/2001 |
| Construction Status | Converted | ||
| Zoning | CCPD-R (Residential Emph) | ||
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.38 AC |
| Construction Status | Converted |
| Building Size | 34,750 SF |
| No. Rooms | 78 |
| No. Stories | 3 |
| Year Built/Renovated | 1869/2001 |
| Zoning | CCPD-R (Residential Emph) |
ABOUT 509 PARK BLVD , SAN DIEGO, CA 92101
The offering presents an opportunity for an astute developer and/or hotel operator to redesign, remodel and unveil a hidden gem and a truly unique hotel experience. The 32,750 square foot hotel currently consists of 78 rooms, many of which are large (400sf+/-) single room occupancy units and a community kitchen. All three floors boast 13-14 foot ceilings and the building is well poised for a roof top deck along with the re- installation of the two original cupolas. The .38 acre site is located in the heart of an Opportunity Zone at the northeast corner of Park Blvd and Island Ave. The Tax Cuts and Jobs Act of 2017 established Opportunity Zones as a mechanism to provide tax incentives for investment in designated census tracts. Investments made by individuals through special funds in these zones would be allowed to defer or eliminate federal taxes on capital gains. In addition, because the building is a designated historic property there are federal tax credits available for the cost of the improvements.
PROPERTY TAXES
| Parcel Number | 535-151-11 | Improvements Assessment | $1,361,963 |
| Land Assessment | $1,664,621 | Total Assessment | $3,026,584 |
PROPERTY TAXES
