Multifamily Development Opportunity in San Ysidro

Property Description

  • List Price:
    $3,250,000
  • Units:
    Seven (7)
  • Price/Unit:
    $464,286
  • Potential Upside:
    24%+/-
  • Cap Rate:
    4.36%
  • GRM:
    13.28
  • Building SF:
    4,412 SF
  • Land SF:
    50,430 SF
  • Cross Street:
    Alverson Rd
  • Zoning:
    RM-1-1

The San Ysidro Boulevard Apartments offers a unique two parcel development opportunity with seven (7) existing conforming units and three (3) additional non-conforming units as well as a vacant front structure with a code violation. The offering consists of 10 operating units: two (2) 2+1s; six (6) 1+1s; two (2) studios plus parking income generating over $23,850 per month. There are approximately six (6) separate gas and electric meters as well as one storage unit for additional income. This is an ideal affordable or senior development property or add value through permitting the non-conforming units and adding additional units. This asset is located on the corner of San Ysidro Blvd and Alverson Rd on a 1.15 acre lot and zoned RM-1-1 with medium density overlay. The site sits in an Opportunity Zone, Complete Communities, San Ysidro Business Improvement District and Transit Priority Area. New and in-progress affordable housing and senior housing is located just down the street along with San Ysidro’s improving businesses as a planned opening of an El Super & retail center upgrade across the street coming in 2023. Investors and developers to verify all the above with the appropriate agencies.

INVESTMENT HIGHLIGHTS

  • RM-1-1 Zoning, 1.15 Acre Lot
  • Two APNs 638-092-11-00 & 638-092-12-00
  • New El Super & Retail Center Upgrades Across the Street 2023
  • Opportunity Zone, Complete Communities & Transit Priority Area
  • New & In-Progress Affordable Housing & Senior Housing Nearby
  • One storage for additional income
  • Located in the San Ysidro Business Improvement
  • Value Add / Affordable Development

AREA SUMMARY:

The San Ysidro Boulevard apartments are located in the San Ysidro Business Improvement District which was established in 1999 as a non-profit corporation to stimulate the economic revitalization of San Ysidro. This allows promotion, beautification and small business retention and expansion programs with resources to develop marketing efforts and further enhance public improvement projects for the city. The redevelopment project area for San Ysidro offers a geographically designated enterprise zone in which businesses can receive several state tax breaks and benefits. The community specific plan aims to create an attractive intensified urban environment with a mix of land uses that surround the Beyer Trolley Station and along San Ysidro Boulevard. This transit-oriented village includes improved walkability and development opportunities around the Beyer Boulevard Trolley Station and flexibility for mixed-use development, mobility improvements, and public space expansion. This includes an interconnected system of paseos, alleys and sidewalks that connect pedestrians to the trolly, parks and the greater community that is right up against the international border. The general plan and community plan work together to establish the framework for growth in San Ysidro. Easy access to the area and San Ysidro’s redevelopment project provides excellent large- and small-scale development incentives for economic and housing opportunities. Some of the completed projects in the area consist of the Casitas de las Florecitas apartments and the El Pedregal Family Apartments which opened as affordable housing projects for low to moderate income families. Another completed development project that is less than a mile away are The Shops at Las Americas is a 67-acre mixed use project which is the largest redevelopment project in San Ysidro that offers an array of name brand retailers and a variety of dining and entertainment options located along the world’s busiest border crossing.

CONTACT US

345-w-san-ysidro-blvd-01

760-929-7846

evb@lee-associates.com

1902 Wright Place, Suite 180
Carlsbad, CA 92008, USA

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