4268 Whittier St, Ocean Beach (OB), CA 92107

$1,370,000
Sold Price
$1,370,000
List Price
$1,650,000
Closing Date
Jan 25, 2024
Status
SOLD
MLS#
PTP2301224
Lot Size(Range)
7,500-10,889 SF
Lot Size(apprx.)
9,575
Property Type
Land

Property Description

Marketing package attached. Drone video: https://vimeo.com/810249636 Rarely available, APPROVED development site in the highly sought-after coastal San Diego markets of Ocean Beach/Point Loma. This sloped, 9,575 SF lot has been fully entitled and approved to build 11 new units (10 market / 1 affordable) with current plans consisting of 3 floors above a basement, 2nd floor parking garage, and future-proofed to allow physical space and electrical capacity for solar panels and EV charger infrastructure. The proposed unit mix consists of (2) 3bed+2bath, (4) 2bed+2bath, (4) 1bed+1bath, and (1) affordable 1bed+1bath units, averaging over 900 SF each, for a combined estimated total of 10,007 rentable SF. The upper units will feature W / NW views, some with balconies. The 2nd-floor parking garage will feature (10) car, (2) motorcycle, (5) bicycle parking spaces. The building has been designed with acoustical sound-reducing considerations to limit adjacent airport noise. The Seller is in the process of extending the existing Building permit, and grading permit is currently active, for Buyers use, and will facilitate a transfer of all approved plans, permits, and associated documents to Buyer. Buyer will need to assume the cost of permit and impact fees. Recent sales comps of like-kind new construction suggest an average new valuation of roughly $700K+/unit, with an average in-place cap rate of sub-4%. In fact, the most relevant comp, Nimitz Crossing, located at 3909 Voltaire St about .5 miles from the subject site, is 36 units built in 2020, and which sold in June 2022 for $833K/uni

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Listing Agent: Max Delbecq (858-333-7701) from Listing Office: Top Gun CRE.

Selling Office: American Dream Homes.

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