1561 9th Ave, San Diego, CA 92101
  • MLS#: 250040754SD ( Commercial/Residential )
  • Street Address: 1561 9th Ave
  • Viewed: 8
  • Price: $7,125,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: Not Available
  • Bldg sqft: 0
  • Days On Market: 22
  • Additional Information
  • County: SAN DIEGO
  • City: San Diego
  • Zipcode: 92101
  • Provided by: Acre Investment Real Estate
  • Contact: Bill Bill
  • California Regional MLS IDX
  • DMCA Notice
  • Description
    The Wilson Apartments represent a rare opportunity to acquire a prime development site in San Diegos historic Cortez Hill District, one of Downtowns most desirable residential neighborhoods. The offering consists of two parcels totaling 15,000 square feet at the top of Cortez Hill, located at 15601572 10th Avenue and 15611575 9th Avenue, San Diego, CA 92101. The existing improvements include five multifamily buildings constructed circa 1930, comprising 13 rental units with a total rentable square footage of 7,738. There are nine units across two apartment buildings on 9th Avenue (ten 1BR/1BA, one 2BR/1BA, and two studios/1BA), along with four units within three cottages along 10th Avenue, including one duplex cottage. The property also includes 12 parking spaces, with nine open stalls and three garages. These character rich buildings generate immediate rental income and provide investors with flexibility either to enhance the existing apartments as a value add opportunity or to hold as a true covered land play while entitling and planning for future redevelopment. The property is zoned CCPD R, which permits multifamily residential uses with a maximum FAR of 8.0. It is also located within the Complete Communities District, where FAR limits are effectively waived, further enhancing redevelopment potential. Recent trends in Uptown and Downtown San Diego have seen the razing of older improvements for high rise apartment projects, reflecting strong demand for infill sites in this submarket.
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Features
Country
  1. US
Netoperatingincome
  1. 136651.00
Parcel Number
  1. 5340230100
Property Type
  1. Commercial/Residential