2709 & 2719 BROADWAY

Size: px

Start display at page:

Download "2709 & 2719 BROADWAY"

Shona Snow
6 years ago
Views:

2709 & 2719 BROADWAY Golden Hill, San Diego, CA SINGLE FAMILY HOUSE & FOUR UNIT APARTMENT PROJECT VALUE ADD / DEVELOPMENT OPPORTUNITY For Additional

1 2709 & 2719 BROADWAY Golden Hill, San Diego, CA SINGLE FAMILY HOUSE & FOUR UNIT APARTMENT PROJECT VALUE ADD / DEVELOPMENT OPPORTUNITY For Additional Information Please Contact: Tommy Crudo tc@crudorealestate.com BRE# Vincent Crudo vincent@vincentcrudo.com BRE#

2 PROJECT DESCRIPTION This is an opportunity to acquire two well located (side by side) properties in one of San Diego s most trendy urban neighborhoods, Golden Hill. The westerly parcel is improved with a four unit apartment building and the easterly property is a single family house. The current rents for the house and apartments are substantially under market. Proven demand for new housing product in immediate area Walking proximity to restaurants, coffee shops and farmers market Potential downtown views from 2nd and 3rd floors if redeveloped Benefit of aggregating two side by side properties A future buyer has multiple value add options with this property including: 1) Renovate the existing structures and bring rents to market. 2) Renovate the existing structures and add additional units to the site. 3) Fully redevelop the entire property. The property is zoned to allow 7 units without providing any affordable housing or up to 12 units with an affordable component (please see below for a detailed explanation on the zoning). The two lots total 10,926 square feet of land. Multiple strategies to add value DEVELOPMENT POTENTIAL Zoning Summary - Chapter 13 of San Diego Municipal Code RM-2-5 permits a maximum density of 1 dwelling unit for each 1,500 square feet of lot area Front Setback 15 Street Side Setback 10 Max Structure Height 40 Side Setback 5 Rear Setback 15 Max FAR 1.35 Density Calculation from Affordable Housing Density Bonus Regulations - Chapter 13 of San Diego Municipal Code If a developer provides 15% of the project s base units as affordable (very low income), the developer is entitled to a 50% density bonus + 5 incentives, which the developer can utilize to deviate from the San Diego Municipal Code. Total Land Square Footage 10,926 square feet / 1,500 (density) = 7.28 base units. The property is zoned to accommodate 7 units without an affordable component. Utilizing the affordable density bonus program, the base units round to 8, then times the 50% density bonus, the project can allow up to 12 units or homes. Two of the 12 would be very low income. In addition, the developer is allotted 5 incentives to deviate from the municipal code. BUYER TO VERIFY ALL DENSITY AND ZONING REGULATIONS WITH THE DEVELOPMENT SERVICES DEPARTMENT OF THE CITY OF SAN DIEGO & 2719 Broadway Golden Hill

2709 & 2719 BROADWAY ADDRESS: 2709 Broadway, San Diego, CA 92102 APN: 534-421-02-00 PROPERTY DESCRIPTION: 2709 Broadway is a four unit apartment building.

The one bedroom units are rented for $1,300 to $1,350 per month. The multifamily building has 3 garages located on Broadway.

3 2709 & 2719 BROADWAY ADDRESS: 2709 Broadway, San Diego, CA APN: PROPERTY DESCRIPTION: 2709 Broadway is a four unit apartment building. The unit mix is 1 X two bedroom / one bath and 3 X one bedroom / one bath units. The two bedroom unit is on the second floors, has beautiful western views and is currently rented for $1,750 per month. The one bedroom units are rented for $1,300 to $1,350 per month. The multifamily building has 3 garages located on Broadway. ZONING: RM 2-5 LOT SIZE: 5,462 square feet 2709 BROADWAY YEAR OF CONSTRUCTION: 1953 ADDRESS: 2719 Broadway, San Diego, CA APN: PROPERTY DESCRIPTION: 2719 Broadway is a single family detached house. The two bed / one bath, single story, Spanish style home has original hard wood floors, built-in cabinets and historic charm. The house consists of approx. 1,214 square feet, has a detached garage and is rented on a month to month basis for $1,850. ZONING: RM 2-5 LOT SIZE: 5,464 square feet 2719 BROADWAY YEAR OF CONSTRUCTION: 1926 PRICE: $2,300, & 2719 Broadway Golden Hill

4 PROPERTY PHOTOS 2709 BROADWAY 2709 BROADWAY 2719 BROADWAY 2719 BROADWAY & 2719 Broadway Golden Hill

GOLDEN HILL, CA Golden Hill is a neighborhood of San Diego, California and is located south of Balboa Park, north of Highway 94, and directly east of Downtown.

Golden Hill was San Diego s first exclusive neighborhood, home to many of the City s elite. By the early 1920 s central Greater Golden Hill was almost completely developed.

neighborhood is also in walking distance of Downtown, City College and much of Balboa Park.

The Zip code is a portion of 92102. Pedestrianism, like in other urban mesa neighborhoods surrounding Balboa Park, is high relative to the rest of San Diego.

Golden Hill is home to Black Box Recording Studios, The Habitat Recording Studios, Los Reyes Mexican Food, Influx Cafe, Turf Supper Club, Counterpoint, Krakatoa Coffee, Dark Horse Coffee, Mosaic Yoga

5 GOLDEN HILL, CA Golden Hill is a neighborhood of San Diego, California and is located south of Balboa Park, north of Highway 94, and directly east of Downtown. Greater Golden Hill has a long and colorful history, which began in the 1870 s and is visible today in the homes representative of Victorian, Colonial Revival, Craftsman, and Farm House styles. Golden Hill was San Diego s first exclusive neighborhood, home to many of the City s elite. By the early 1920 s central Greater Golden Hill was almost completely developed. Since that time a number of changes have occurred, however, the area retains a remarkable number of structures in excess of 60 years of age that are prime examples of architectural styles of their times. The community s location, excellent regional access, view opportunities, and historical characteristics are resources that will encourage development and redevelopment within the community This neighborhood is also in walking distance of Downtown, City College and much of Balboa Park. Auto access is direct from freeways 5 and 94, The major through streets and bus routes are Broadway (East and West), and 25th Street and 30th Street (North and South). The Zip code is a portion of Pedestrianism, like in other urban mesa neighborhoods surrounding Balboa Park, is high relative to the rest of San Diego. Artists and musicians have long favored the area more so since being priced out of areas like Little Italy, Eastern Downtown and Hillcrest. Golden Hill is home to Black Box Recording Studios, The Habitat Recording Studios, Los Reyes Mexican Food, Influx Cafe, Turf Supper Club, Counterpoint, Krakatoa Coffee, Dark Horse Coffee, Mosaic Yoga & Pizzeria Luigi (which was featured on the Food Network show Diners, Drive-Ins and Dives). Golden Hill is also host to two outdoor concerts a year, the Golden Hill Block Party and Kate Sessions Fest. The Golden Hill Block Party happens the last Saturday prior to Halloween. In 2006, the Kate Sessions Fest made its debut in Golden Hill Park. Both outdoor concerts are free, all-ages events, organized by local artists and musicians, featuring local bands. The Golden Hill Farmers Market started in 2011 as a way to provide California Certified Organic Produce to the Golden Hill community and to enable farmers an open space to gather and sell freshly picked produce directly to the public at lower than retail prices. Located on B Street, between 27th and 28th Streets, the market is held every Saturday from 9AM to 1:30PM & 2719 Broadway Golden Hill

6 GOLDEN HILL, CA JUNIPER ST Balboa Park 30TH ST 8 GRAPE ST SOUTH PARK DATE ST PERSHING DR GOLDEN HILL DOWNTOWN 7 9 BROADWAY & 2709 BROADWAY 28TH ST FERN ST Restaurants 25th Street Musical Bridge Buona Forchetta Counterpoint Dark Horse Coffee 1 MARKET ST 32ND ST Hamiton s Taver Kindred Luigi Pizzeria The South Park Abbey 9 Turf Supper Club & 2719 Broadway Golden Hill

7 SAN DIEGO, CA 2719 & 2709 BROADWAY & 2719 Broadway Golden Hill

8 Tommy Crudo BRE# Vincent Crudo BRE#

4533 NORTH AVENUE, SAN DIEGO, CA 92116

TABLE OF CONTENTS 4533 NORTH AVENUE, SAN DIEGO, CA 92116 TABLE OF CONTENTS PROPERTY OVERVIEW 3 PROPERTY LOCATION 4 NEIGHBORHOOD DESCRIPTION 6 COMPARABLE SALES 7 RENTAL SURVEY 9 APARTMENT INVESTMENT INFORMATION