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870 Garnet Ave - PB Covered Land Play & Development Opportunity 0.21 Acres of Commercial Land Offered at $5,200,000 in San Diego, CA 92109
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
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
| Price | $5,200,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Condition | Redevelopment Project | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 0.21 AC |
| Zoning | CC-4-2 | ||
| Price | $5,200,000 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 0.21 AC |
| Zoning | CC-4-2 |
1 Lot Available
Lot
| Price | $5,200,000 | Lot Size | 0.21 AC |
| Price Per AC | $24,218,149.64 |
| Price | $5,200,000 |
| Price Per AC | $24,218,149.64 |
| Lot Size | 0.21 AC |
Fully entitled 9,353 SF corner lot on Garnet Ave in Pacific Beach, approved for a 29-unit multifamily project two blocks from Crystal Pier.
Description
870 Garnet Avenue is a rare, fully entitled multifamily development site located in the heart of Pacific Beach, one of San Diego’s most dynamic coastal neighborhoods. Situated on a prominent corner lot along Garnet Avenue, the property benefits from exceptional visibility, strong pedestrian traffic, and immediate access to the area’s top dining, retail, and entertainment destinations. The approved plans feature a contemporary three-story residential building constructed over a sub-basement parking level, thoughtfully designed to maximize density while maintaining an efficient and modern layout. The project’s coastal-modern architecture, balconies, and integrated parking complement the surrounding neighborhood while appealing to the area’s strong renter demographic. With proximity to the beach, Crystal Pier, and major employment nodes, the property is ideally positioned to capture long-term rental demand. This execution-ready opportunity offers investors and developers a compelling blend of entitlement certainty, premier location, and long-term value creation in a supply-constrained coastal market.
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870 Garnet Ave - PB Covered Land Play & Development Opportunity
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