540 27th St 3,000 SF Retail Building San Diego, CA 92102 $1,650,000 ($550/SF)

A Great opportunity for an owner/user or Investor/developer. The Property is owner-occupied by a church with a sanctuary on the first floor, and an upstairs apartment converted to a large open meeting room, office, and kitchen. Numerous options for the new owner include occupying the Property As-Is or converting the first floor to retail or office use and the second floor to a three-bedroom- one-bath apartment. Investors/developers will find value in the Property's favorable zoning, CC-3-6 Mixed Use Zoning, which allows for mixed-use and the possibility to increase density and receive incentives through the Complete Communities: Housing Solutions program because of the Property's location with a TransitPriority Area. MORE INFO: https://www.sandiego.gov/complete-communities/housing-solutions. There is also more information on HUBZone: https://www.sandiego.gov/economic-development/industry/hubzone. HUBzone was created to stimulate economic development and employment growth in communities by providing Federal contracting preferences to small businesses. Lastly, the information on Opportunity Zones is as follows: https://economicdevelopment.business.ca.gov/place-based-strategies/opportunity-zones/. Opportunity Zones incentivize investment and economic development in distressed communities by providing federal tax benefits to investors for qualified uses. The incentive enables a temporary deferral of capital gains for qualified investments through a Qualified Opportunity Fund (QOF) established with the Internal Revenue Service (IRS).
The Property is located in the bustling Grant Hill community within the highly traveled Market Street corridor. It is within walking distance of Grant Hill Community Park, public transit, and commercial services. Adjacent to State Route 94 and less than a mile from Interstate 5, it is minutes from East Village, Downtown San Diego, Balboa Park, and San Diego International Airport.