Description

National City multifamily/mixed-use development opportunity. Roughly 8,700 SF of lightly-sloped land. Mixed-use zoning (MXC-2), zoned for up to 17 multifamily units. Previously fully entitled for 12 new multifamily units and 12 off-street parking spaces; those plans are on hold at City. Geotechnical, other applicable reports, and prior-approved 12-unit design plans available. Value-engineered upgraded floorplan options for higher rent and additional square footage available. Full project summary and detailed financial estimates provided upon request. All applicable plans are ready for transfer to buyer, or buyer can create its own. Seller financing available - inquire for details. Up-and-coming National City market in the path of progress. Close proximity to bayfront, parks, shopping, transportation, and infamous Mile of Cars. New multifamily construction in this submarket typically commands high rents, strongly supported by the housing demand from military bases in the area. $6.3M estimated valuation for 12-unit new construction. Estimated total acquisition + construction costs of $4.7M yields healthy potential profit.