EXCLUSIVE OFFERING 3922-32 Park Boulevard San Diego, CA 92103 $5,000,000 HILLCREST DEVELOPMENT OPPORTUNITY www.berkadiarea.com STEVE HUFFMAN 858.683.7933 Steve.Huffman@berkadia.com a Berkshire Hathaway and Leucadia National Company
THE OPPORTUNITY Class A+ Hillcrest location in central San Diego Walking distance to medical centers, shopping, retail, restaurants, and theatres Convenient access to all major freeways: I-5, I-8, & SR-163. Property sits directly in front of new Park Boulevard San Diego bus stop median Minutes to San Diego's major employment centers of Mission Valley and Downtown 15,339 total square feet zoned MCCPD CN-1 (approx. 10,500 sq. ft.) and MCCPD CN-2 (approx. 4900 sq. ft.) Mixed-use zoning according to Uptown Community Plan with high density residential rating Current FAR consideration of 1.25 with potential additional FAR consideration with new city bus stop No FAR limitation for mixed-use residential development PROPERTY DESCRIPTION The 3922 Park Boulevard property currently serves a mixed-use purpose and is currently zoned for High Intensity Mixed Use development with residential and commercial units. There are six single-story structures with a larger two-story residential building farthest from the street frontage. The property contains three retail units along the street frontage portion of the parcel, where a salon, coffee shop, and alterations currently operate. There are eight income-producing residential units behind the retail with eight parking spaces. All units, residential and commercial, are on month-to-month leases. Approximately $65,000 of annual income is generated by these buildings. The land is located in the commercial zone of University Avenue with convenient access to Hillcrest, North Park, Mission Valley, and downtown San Diego. PARK BOULEVARD
LOCATION DESCRIPTION Hillcrest is an affluent San Diego neighborhood featuring tree-lined streets and traditional homes. It is bordered by Banker s Hill and downtown to the south, Mission Hills to the west, and is considered one of the most desirable submarkets in which to live and own in San Diego County. The area is well-known for being a hub for medical and white collar jobs with two major hospitals, Scripps Mercy and UCSD Medical Center, serving the area and several medical offices, banks, and law firms. Hillcrest is only five minutes to the major malls in Mission Valley and the San Diego International Airport via a quick drive on the picturesque SR-163. Hillcrest is a walkable neighborhood, known primarily for its wide array of award-winning restaurants, boutiques, salons, and cafés. A true success story in terms of revitalization, Hillcrest has blossomed over the past decade into one of the hippest, most happening communities in all of San Diego. The charming streets feature many historic Craftsman homes and Mid-Century modern apartment buildings. Above all, this highly sought-after community is known for its affluence, friendliness, and culture. BerkadiaREA.com
PROPERTY SUMMARY Total SF 15,339 Site Acreage 0.35 Parcel Number 445-642-12 INVESTMENT SUMMARY Price $5,000,000 Price / SF $325.97/SF Land UNIT MIX & RENT SCHEDULE Units Type Unit SF Total SF Market Rent Actual Rent Monthly Mkt. Rent Market Rent/SF 1 Retail 700 700 $650 $630 $650 $0.93 1 Retail 850 850 $1,250 $1,200 $1,250 $1.47 1 Retail 2,100 2,100 $3,500 $3,500 $3,500 $1.67 4 1 Bed / 1 Bath 600 2,400 $1,200 $1,150 $4,800 $2.00 4 2 Bed / 1 Bath 800 3,200 $1,300 $1,250 $5,200 $1.63 11 841 9,250 $1,400 $1,357 $15,400 $1.66 Income Berkadia Pro Forma Actual In Place Scheduled Market Rent $184,800 $179,160 Gross Scheduled Income $184,800 $179,160 Less: Vacancy 3.00% ($5,544) ($5,375) Total Operating Income (EGI) $179,256 $173,785 All residential and commercial units are month to month
CONTACT INFORMATION INVESTMENT SALES STEVE HUFFMAN 858.683.7933 steve.huffman@berkadia.com CA DRE License #00884229.BerkadiaREA.com San Diego Office 8910 University Center Lane, Suite 425 San Diego, California 92122 Phone: 858.683.7930 Fax: 858.683.7931 BerkadiaREA.com ApartmentUpdate.com Berkadia Real Estate Advisors is one of the largest real estate multifamily services firms in the country. The company serves apartment owners and investors with experienced investment sales advisors and mortgage bankers working from over 60 office locations coast to coast. Berkadia Real Estate Advisors research group is nationally renowned for their comprehensive market reports, which provide investors, lenders, owners, and real estate editors with accurate and timely multifamily market information. If you would like to receive these free reports or for more information, please visit ApartmentUpdate.com. Berkadia Real Estate Advisors makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The presence of molds may adversely affect the property and the health of some. If you have questions or concerns regarding this issue conduct further inspections by a qualified professional. www.berkadiarea.com