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JLL, as an exclusive advisor, is pleased to present the opportunity to acquire a multifamily conversion site in a prime costal location. 3565 Del Rey Street (the “Property” or “Site”) is a unique 0.57- acre site that currently consists of a 2-story, ±18,200 square foot office building. The Site, zoned RM-4-10 and benefiting from the Complete Communities plan, presents investors the exceptional opportunity to convert the existing office space into luxury residential units.
- Opportunity to acquire a multifamily conversion at an excellent basis
- Within one mile of the brand-new Mid-Coast light rail extension
- One of San Diego’s most coveted, high-barrier to entry residential locations, Pacific Beach, the Site is within walking distance to Mission Bay, and countless restaurants and other retail amenities
- West of Interstate 5, and within minutes to Interstate 8 and the soon to be complete Balboa Avenue Station, the transit-oriented location offers immediate accessibility to all of San Diego’s major employment centers
- Proximity to the San Diego International Airport, Downtown San Diego, Mission Valley and UTC via car or trolley further enhances the desirability of 3565 Del Rey St
The Property was divided into 3 condominiums in 2009; a restaurant (now the Tango Bar and not part of the collateral) and the 2nd and 3rd floor of the office building. The Property includes a ground-level parking garage with 33 marked parking spaces. Each office condominium (2/3 condominiums) is 9,100 square feet of GBA/NRA for a total of 18,200 square feet that make up the Property.
- Business Plan Optionality & Downside Protection
- In-Place Cash Flow
- Proximity to the New Trolley Line Extension
- Proximity to Lifestyle Amenities
- Highly Rent Dependent Market