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September 20, 2018
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MULTIFAMILY NEWS
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Investor Snaps Up Five-Unit San Diego Property for Redevelopment Opportunity

2/20/18

A five-unit property in San Diego’s North Park neighborhood sold for $2.35 mil, or $470k per unit. The mixed-use property is situated on a 10.85k sf lot at 3085-95 El Cajon Blvd, just west of I-805.

The property will be redeveloped by the purchaser. It has been sold for its infill development potential as it was recently up-zoned to CC 3-9, which allows one residential unit for every 400 sf of land. This allow for up to 27 units to be constructed on the site.

Norm Root of ACI represented the seller, the John F. Groebli and Jeannie K. Groebli Revocable Trust. The buyer, North Park Business Associates LLC, a California limited liability company, was repped by Jan Sachs of Pacific Coast Commercial.





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