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870 Garnet Ave
San Diego, CA 92109
Retail Property For Sale
Investment Highlights
- Stamped plans for 29-Unit Multi-Family development included
- Prime corner of Garnet Ave and Bayard Ave with Parking Income
- Proforma Parking Income: $193,833
- Fully entitled and execution ready
- Proforma Parking Cap Rate: 3.8%
- Located in the heart of Pacific Beach, two blocks from Crystal Pier and surrounded by amenities
Executive Summary
870 Garnet Ave presents a rare, execution-ready development opportunity in the heart of Pacific Beach, just two blocks from Crystal Pier and surrounded by an exceptional amenity base of dining, shopping, hospitality, and entertainment. This fully entitled, 9,353 SF corner lot comes with approved plans for a 29-unit, three-story multi-family building featuring a diverse mix of studios, one-bedroom, and two-bedroom residences averaging 589 SF, all above a sub-basement parking level.
The existing surface parking lot generates approximately $193,833 in annual income at a 3.8% cap rate, allowing an investor to profit from the land as-is while planning their next move.
The existing surface parking lot generates approximately $193,833 in annual income at a 3.8% cap rate, allowing an investor to profit from the land as-is while planning their next move.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
480 SF
Building Class
C
Year Built
1900
Price
$5,200,000
Price Per SF
$10,833.33
Cap Rate
3.73%
NOI
$193,833
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
0.20 AC
Zoning
CC-4-2 - Approved CDP plans for multi-family development.
Parking
32 Spaces (10 Spaces per 1,000 SF Leased)
Amenities
- Corner Lot
Property Taxes
| Parcel Numbers | Improvements Assessment | $42,448 | |
| Land Assessment | $4,202,383 | Total Assessment | $4,244,831 |
Property Taxes
Parcel Numbers
Land Assessment
$4,202,383
Improvements Assessment
$42,448
Total Assessment
$4,244,831
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