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Key Details
Sold Price $2,300,000
Property Type Single Family Home
Sub Type Detached
Listing Status Sold
Purchase Type For Sale
Square Footage 1,533 sqft
Price per Sqft $1,500
Subdivision Normal Heights
MLS Listing ID 230000738
Sold Date 11/06/23
Style Detached
Bedrooms 3
Full Baths 1
HOA Y/N No
Year Built 1923
Lot Size 7,289 Sqft
Property Description
The Swift Avenue properties present a fantastic opportunity to purchase two well located assets with existing cashflows and significant development potential. The lots reside in a Qualified Opportunity Zone, Transit Priority Area and fall within the Complete Communities Plan with an attractive 6.5 FAR. The sites are composed of two parcels totaling 13,011 SF of land with a 1,264 SF 2BR/2BA house on a 5,722 SF lot, and a contiguous 1,533 SF 3BR/1BA house with detached single car garage on a 7,289 SF lot. Multiple opportunities are available to develop the property. A recent yield study shows options from 37 to 56 apartment units with variations on mixed use amenities and parking. The adjacent lot is currently for sale and if purchased simultaneously could potentially yield up to 132 units, along a corner lot that fronts University Avenue. Any future project on these sites would be extremely well located in central San Diego with immediate access to both the 805 and 15 freeways, walking distance to the nearby elementary school and several retail establishments along University Avenue. Mid-City San Diego is gentrifying rapidly under the new Complete Communities plan zoning. This is an excellent opportunity for an investor/developer to get in on the ground floor as the area flourishes well into the future.
Location
State CA
County San Diego
Community Normal Heights
Area North Park (92104)
Zoning Cmplt Comm
Rooms
Family Room 10x10
Master Bedroom 10x10
Bedroom 2 10x10
Bedroom 3 10x10
Living Room 10x10
Dining Room 10x10
Kitchen 10x10
Interior
Heating Other/Remarks
Exterior
Exterior Feature Other/Remarks
Parking Features Detached
Garage Spaces 1.0
Fence Partial
Roof Type Composition
Total Parking Spaces 3
Building
Lot Description Alley Access
Story 1
Lot Size Range 4000-7499 SF
Sewer Sewer Connected
Water Meter on Property
Level or Stories 1 Story
Others
Ownership Fee Simple
Acceptable Financing Cash, Conventional, FHA, VA
Listing Terms Cash, Conventional, FHA, VA
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Bought with Sean Bascom • South Coast Commercial, Inc.