Sold

4268 Whittier St

Ocean Beach CA, 92107

$1,370,000


$143.09 per sqft

Sold

0.22 Acres

Land

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

PTP2301224

MLS ID

March 13, 2023

Listed

February 15, 2024

Updated

Map

4268 Whittier St
Ocean Beach CA, 92107

Exterior/Building Features

Lot Size

0.22 Acres

Other Property Details

Days on Market

190


Garage

No


View

No


County

San Diego


Pool

No


Buyer Agency Compensation

2%

Listed by Top Gun CRE, Max Delbecq,
Listing Contact: 858-333-7701 

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