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6499 Montezuma Rd - Montezuma Assemblage 0.71 Acres of Residential Land Offered at $9,000,000 in San Diego, CA 92115

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INVESTMENT HIGHLIGHTS

Recently rezoned to RM-4-10, allowing one dwelling unit per 400 SF and approximately 78 units by right.
100% micro-unit density bonus allows up to ~155 units, with an average unit size under 600 SF and no unit exceeding 800 SF.
Zoning incentives support high-density multifamily or student-oriented housing.

HAP 2.0 density bonus allows up to ~102 units (30% increase), with a required unit mix of 10% two-bedroom and 10% three-bedroom units.
Multiple density pathways provide flexibility to maximize unit yield and tailor development strategy.
$50K+ monthly in-place income helps cover development carry costs.

EXECUTIVE SUMMARY

Five-parcel assemblage totaling ±0.71 acres in San Diego’s College Area, currently in process for RM-4-10 zoning, allowing ~78 units by right. The properties generate over $50,000 per month in in-place income, providing strong carry during entitlement and pre-development. Density bonus pathways offer significant upside, including up to ~102 units under HAP 2.0 or up to ~155 units with a 100% micro-unit program. Existing residential improvements support near-term cash flow with long-term redevelopment potential. Priced at $9M (~$287/SF land), competitive for the submarket given scale, zoning upside, and proximity to SDSU’s 40,000+ student population. Well-suited for multifamily or student-oriented housing. OM and Zoning Plan are available in the Documents section. Reach out to listing agent Dan Sipher for more information.

Montezuma & Caotctin OM

FINANCIAL SUMMARY (PRO FORMA - 2026)	ANNUAL	ANNUAL PER AC
Gross Rental Income	$658,800	$927,887.32
Other Income	-	-
Vacancy Loss	$32,940	$46,394.37
Effective Gross Income	$625,860	$881,492.96
Taxes	-	-
Operating Expenses	$192,616	$271,290.14
Total Expenses	$192,616	$271,290.14
Net Operating Income	$433,244	$610,202.82

FINANCIAL SUMMARY (PRO FORMA - 2026)

Gross Rental Income
Annual	$658,800
Annual Per AC	$927,887.32

Other Income
Annual	-
Annual Per AC	-

Vacancy Loss
Annual	$32,940
Annual Per AC	$46,394.37

Effective Gross Income
Annual	$625,860
Annual Per AC	$881,492.96

Taxes
Annual	-
Annual Per AC	-

Operating Expenses
Annual	$192,616
Annual Per AC	$271,290.14

Total Expenses
Annual	$192,616
Annual Per AC	$271,290.14

Net Operating Income
Annual	$433,244
Annual Per AC	$610,202.82

PROPERTY FACTS

Price	$9,000,000	Property Subtype	Residential
Sale Type	Investment	Proposed Use	Multifamily
No. Lots	1	Total Lot Size	0.71 AC
Property Type	Land
Zoning	RM-4-10 - Under HAP 2.0, which allows for 30% Density bonus you can build 102 units. To qualify you need 10% of units to be 2beds and 10% of units to be 3beds.

Price	$9,000,000
Sale Type	Investment
No. Lots	1
Property Type	Land
Property Subtype	Residential
Proposed Use	Multifamily
Total Lot Size	0.71 AC
Zoning	RM-4-10 - Under HAP 2.0, which allows for 30% Density bonus you can build 102 units. To qualify you need 10% of units to be 2beds and 10% of units to be 3beds.

1 LOT AVAILABLE

Lot 28

Price	$9,000,000	Lot Size	0.71 AC
Price Per AC	$12,676,056.34

Price	$9,000,000
Price Per AC	$12,676,056.34
Lot Size	0.71 AC

Lot includes 5 separate parcels totaling 31,330 SF.

DESCRIPTION

The offering consists of five separate parcels improved with two units each (10 total units), currently operated as student housing serving the SDSU submarket. The properties are primarily single-family residences rented by the bedroom, generating strong in-place cash flow and high rental demand. Proximity to SDSU supports consistent occupancy and premium student rents, making the portfolio well-positioned for stable income, continued student housing use, or future redevelopment.