pacific beach multi family development For Sale

  • $1,030,000
  • 10 beds
  • 8 baths
  • 8,437 sqft

Rehab an abandoned and historic property in the heart of Pacific Beach

and build a large triplex. Then, execute a condo declaration and sell the restored houses upon completion, if desired, leaving four rental units prime for short- and long-term rentals.
The historic house’s exterior will be redone with the same materials, using original materials when possible. The interior of the house is not protected by the historical designation and will be completely rebuilt. A large triplex, or two houses will be built behind the original house. One of the houses will be split into upstairs and downstairs units creating a total of four units.
Zoned RM-2-5, and located on 6,272 square foot lot, one unit per 1500 sq. ft. is allowed.

4 units total. The lot has a 20′ front yard setback, 5-10′ side yard setback, 5′ alley setback and 5′ side yard setback. No parking required because it is historic.
1.35 floor area ratio. Allowing 8,437 sq. of living space to be built. The
historic home is 1751 sq. ft leaving 6,687 of potential living area.
Thanks to the front home’s historical designation, the owner will enjoy a substantially reduced tax burden and fast-tracked permitting. San Diego is currently allowing more development than at any time in the last twenty years due to the affordability crisis. Mills Act Tax benefits as stated by The City of San Diego: The average savings is 50 percent with a range of property tax reduction between 25 percent and 75 percent. This tax benefit, authorized by the State of California in Government Code Sections 50280- 50290, has been available in the City since 1995 and is authorized by Council Policy 700-46. The standard property tax rate is 1.17% for this property. Depicted below are two separate houses behind the historic house, one being split into upstairs and downstairs units. It may be advantageous to build one large structure that is divided into three units to maximize livable square footage created.

Historic Multi Family development opportunity in Pacific Beach, I am the contract holder. 

 

ARV: $4,324,000

Rehab: $1,700,000
Purchase Price: $1,125,000

Projected Bedrooms:10

Projected Bathrooms: 8

Projected Sq ft: 8,437

Avg. Lease Price: $14,600.00/Mo

Zoned RM-2-5, and located on 6,272 square foot lot, one unit per 1500 sq. ft. is allowed.

4 units total

Price:
$1,030,000
Address:
1704 Grand ave
San Diego, CA 92109
Square Feet:
8,437
Lot Size:
6,271
Bedrooms:
10
Bathrooms:
8
Terms:
For Sale
Property Type:
Home
Year Built:
1924

Call (866) 783-9804 for more details

Property Location