Multifamily Development Site With Current Income
16
nutmeg st. olive st. third ave. fourth ave. Multifamily Development Site With Current Income
Transcript of Multifamily Development Site With Current Income
nutmeg st.
olive s
t.
t hird av e.
f our t h ave.
Multifamily Development Site With Current Income
KEVIN NOLEN858.546.5487 [email protected] #01840398
JASON [email protected] #01328121
TIM [email protected] #00891667
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5Property Renderings
Project Overview Market Overview
Market Comparables
Demographics
T A B L E O F C O N T E N T S
P R O J E C T O V E R V I E W
THE OPPORTUNITY246 Nutmeg is a 10,538 SF, 36 unit potential multifamily development site with current
income. The project is currently zoned for 73 DU per acre which allows for 18 units and
27 units after a 50% density bonus or 36 units utilizing the 100% density bonus program
(≤600 square foot overall average unit size; < 800 square foot maximum unit size). The site
is located in San Diego’s charming Bankers Hill sub-market perched right above Downtown
and filled with restaurants and lounges and adjacent to Balboa Park, the nation’s largest
(1,200 acres) urban cultural park that includes 15 museums, performing arts venues,
gardens and the San Diego Zoo. The site provides easy access to San Diego and only a
minute drive to Hillcrest, Downtown and Interstate 5.
5TH AVE.
4TH AVE.
3RD AVE.
2ND AV E.
LAUREL ST.
MAPLE ST.
NUTMEG ST.
SAN DIEGOINTERNATIONAL
AIRPORT
Property Information: Address: 246-48 Nutmeg St. San Diego, CA 92103
APN: 452-718-05
Total Site Size SF: 10,538 SF
Total Site AC: 0.24 AC
Zoning: Residential – High : 43-73 Du/Ac
180 DUs By Right
27 DUs After 50% Density Bonus
36 DUs After 100% Density Bonus (Using The Micro
Unit City of San Diego Density Bonus Program)
Price: $3,400,000
Current Building Stats: Building SF: 4,939 SF
Number of Units: 5
Year Built: 1938
20182018 Gross Rental Income: $96,029
20192019 Gross Rental Income: $101,220
S U M M A R Y
CLICK HERE For Property Confidentiality Agreement
2nd
AVE.
3rd
AVE.
nu t meg s t.
ol i v e s t.
OLIVE STREET PARKFuture Site
Click Here For Details
5TH AVE.
4TH AVE.
3rd AVE.
STREET LIGHTS
6TH & OLIVE204 For-Rent Units
STRAUSS 141 For Rent Units
INNOVATIVE DEVELOPMENT
128FOR RENT UNITS
218 For Rent Units
THE PARK 60 Condo Units
FLOIT PROPERTES+/- 200 Units
GREYSTAR111 Units
VUE ON 5TH45 Condo Units
41 WEST 41 Condos
N E W D E V E L O P M E N T S
nutmeg st.
olive s
t.
maple st.t hird av e.
f our t h ave.
f if t h ave.
A M E N I T I E S
S A N DIEGOIN T ERN AT ION A L
A IRP OR T
DOWNTOWN
HILLCREST
MISSION VALLEY
BANKERS HILL
Mlim Holdings
S A N D I E G O
nutmeg st.
olive s
t.
maple st.t hird av e.
f our t h ave.
f if t h ave.
J O B A C C E S S
Address Sale Date Buyer Reported Sale Price
# of Units Price/Unit Acres Price/AC SF $/SF
12850 6th AvenueSan Diego, CA
1/15/15 Zephyr $10,200,000 64 $175,000 0.83 $13,493,976 36,000 $311
24311 3rd AvenueSan Diego, CA
4/21/17 Camden $20,000,000 130 $153,846 8.24 $2,427,184.47 358,934 $56
34275 Mission Bay Drive San Diego, CA
5/5/17 JPI $21,625,000 172 $125,726 0.3 $7,482,699 125,888 $172
42054 State Street San Diego, CA
12/20/16 Willmark Co. $9,850,000 - - 2.89 $17,589,285 24,294 $405
51810 El Cajon Blvd.San Diego, CA
4/13/2018 Lennar $42,300,000 - - 2.38 $17,773,109 103,606 $408
61579 Morena Boulevard, San Diego, 92110 CA
9/30/2018Fairfield Resi-
dential$15,500,000 145 $106,164 3.79 $2,622,673 252,212 $62
7730 Camino Del Rio N San Diego, CA 92101 (Bob Baker)
12/23/2014 Dinerstein $18,798,000 305 $69,830 5.37 $3,966,108 233,917 $91
8123 Camino De La Reina San Diego, CA
10/18/2017 Trammell Crow $17,001,500 284 $59,864 4.92 $3,455,589 214,315 $79
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M U L T I F A M I LY S A L E S C O M P S
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1. IL PALZZO 2040 Columbia Street San Diego, CA 92101
2. CAMDEN TUSCANY 1670 Kettner Blvd, San Diego, CA 92101
3. BROADSTONE LITTLE ITALY 1980 Kettner Blvd, San Diego, CA 92101
4. AV8 2155 Kettner Blvd. San Diego, CA 92101
5. VICI 550 W Date St. San Diego, CA 92101
7. BROADSTONE BALBOA 3288 5th Ave. San Diego, CA 92101
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$4.29 PSF
$4.40 PSF
$3.80 PSF
$3.83 PSF
$3.21 PSF
25
13
4
6
$3.40 PSF
A P A R T M E N T R E N T A LC O M P A R A B L E S
4 AV8
129 Units2155 Kettner BlvdSan Diego, CA 92101
Completed Date: May, 2018Improvements Rating A+Location Rating B+Occupancy: 89.1%
Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, Rental Office - Stand AloneParking - Total Parking - 321 Spaces, Parking Type - SubterraneanFunctional Characteristics -Total Parking - 134 Spaces, Parking Type - Above Ground andSubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type -Steel FrameOther Factor - View - North San Diego BayApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens
% of Total UnitCount
Size (SqFt) Market Rent
Unit Total Total SqFt
TOTAL 100% 129 762 98,341 $2,897 $3.80
3 Broadstone Little Italy
199 Units1980 Kettner BlvdSan Diego, CA 92101(619) 230-0888Completed Date October, 2014Improvements Rating A+Location Rating B+Occupancy 96.0%
Common Area Amenities - Controlled Access, Fitness Center, BusinessCenter, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand AloneParking - Total Parking - 321 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameOther Factor - Major Street Exposure - Grape Street, View - Downtown San Diego/San Diego BayApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens
% of Total UnitCount
Size (SqFt) Market Rent
Unit Total Total SqFt
TOTAL 100% 199 823 163,722 $3,152 $3.83
1 Il Palazzo
108 Units2040 Columbia StreetSan Diego, CA 92101
Completed Date: February, 2004Improvements Rating: ALocation Rating: B+Occupancy: 82.4%
Common Area Amenities - Controlled Access, Fitness Center, Rental Office - Stand AloneParking - Total Parking - 108 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - FrameOther Factor - Major Street Exposure - Grape StreetApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens
% of Total UnitCount
Size (SqFt) Market Rent
Unit Total Total SqFt
TOTAL 100% 108 726 78,407 $2,465 $3.40
2 Camden Tuscany
160 Units1670 Kettner BlvdSan Diego, CA 92101
Completed Date August, 2002Improvements Rating ALocation Rating B+Occupancy 93.1%
Prior Names: Park at Little ItalyCommon Area Amenities - Controlled Access, Fitness Center, BusinessCenter, Clubhouse, 1 Swimming Pool, 1 Spa, Rental OfficeParking - Total Parking - 160 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Combination Apartment InteriorApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens
% of Total UnitCount
Size (SqFt) Market Rent
Unit Total Total SqFt
TOTAL 100% 160 886 141,769 $2,846 $3.21
5 VICI
97 Units550 West Date StreetSan Diego, CA 92101
Completed Date: October, 2018Improvements Rating ALocation Rating B
Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Spa, Rental Office - Stand AloneParking - Parking Type - Multi-Level StructureFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameApartment Interior Amenities - Internet Access, Above Standard Ceiling Height
% of Total UnitCount
Size (SqFt) Market Rent
Unit Total Total SqFt
TOTAL 100% 97 906 87,900 $3,745 $4.17
7 BROADSTONE BALBOA PARK
100 Units3288 5th AvenueSan Diego, CA 92103
Completed Date: June, 2015 4Improvements Rating ALocation Rating BOccupancy: 94.0%
Common Area Amenities -Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Spa, Rental Office - Stand AloneParking - Total Parking - 321 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type -CombinationOther Factor - Major Street Exposure - 5th Avenue, View - Downtown San Diego/San Diego BayApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens
% of Total UnitCount
Size (SqFt) Market Rent
Unit Total Total SqFt
TOTAL 100% 100 777 77,695 $3,430 $4.40
6 LOFT2015
85 Units2015 Hancock StreetSan Diego, CA 92110
Completed Date: January, 2011Improvements Rating: A Location Rating: BOccupancy: 92.9%
Common Area Amenities - Controlled Access, Rental Office - Stand Alone Parking - Total Parking - 127 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/PatioOther Factor - View - Downtown San DiegoApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens
% of Total UnitCount
Size (SqFt) Market Rent
Unit Total Total SqFt
TOTAL 100% 85 895 76,035 $2,339 $2.61
A P A R T M E N T R E N T A L C O M P A R A B L E S
Nutmeg Comps_base
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Full Site Address Building Area Sale Date Sales Price
1 2855 5th Ave Unit 1003 2,875 9/4/2018 $3,339,500
2 2500 6th Ave Ph 1 4,715 6/17/2019 $2,800,000
3 2500 6th Ave Unit 1107 3,228 12/27/2018 $2,525,000
4 2500 6th Ave Unit 702 3,228 8/9/2019 $2,049,500
5 2854 6th Ave 2,605 9/5/2018 $1,890,500
6 2500 6th Ave Unit 606 2,625 8/9/2019 $1,624,500
7 2500 6th Ave Unit 401 2,625 10/15/2018 $1,600,000
8 2855 5th Ave Unit 503 1,500 9/17/2018 $1,532,500
9 2855 5th Ave Unit 404 1,540 10/15/2018 $1,455,500
10 475 Redwood St Unit 408 1,580 4/2/2019 $1,389,000
11 235 Quince St Unit 403 2,130 5/1/2019 $1,317,500
12 2665 5th Ave Unit 608 1,895 5/3/2019 $1,263,000
13 475 Redwood St Unit 407 1,560 3/29/2019 $1,160,000
14 301 Upas St 1,612 6/28/2019 $1,158,000
15 309 Upas St 1,701 11/29/2018 $1,150,000
16 475 Redwood St Unit 906 1,574 9/14/2018 $1,150,000
17 2351 Front St 1,581 11/2/2018 $1,015,000
18 2585 Front St 1,782 6/11/2019 $970,000
19 555 Hawthorn St 1,838 5/10/2019 $968,000
20 2056 6Th Ave 1,838 8/13/2019 $960,000
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2, 3, 4, 6, 7
10, 13, 16
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C O N D O S A L E S C O M P A R A B L E S
GENERAL PLAN LAND USE
COMMUNITY PLAN DESIGNATION
SPECIFIC USECONSIDERATIONS DESCRIPTION
INTENSITY
RESIDENTIAL DENSITY (DWELLING UNITS/ACRE)
DEVELOPMENTINTENSITY
Parks, Open Space, and Recreation
Open Space None
Provides for the preservation of land that has distinctive scenic, natural or cultural features; that contributes to community character and form; or that contains environmentally sensitive resources. Applies to land or water areas that are undeveloped, generally free from development, or devel-oped with very low-intensity uses that respect natural environmental char-acteristics and are compatible with the open space use. Open Space may have utility for: primarily passive park and recreation use; conservation of land, water, or other natural resources; historic or scenic purposes; visual relief; or land form preservation.
1OR-1-1 zone0.45 FAR
Population - based Parks
None
Provides for areas designated for passive and/or active recreational uses, such as community parks and neighborhood parks. It will allow for facilities and services to meet the recreational needs of the community as defined by the community plan.
N/AOP-1-1 zoneOP-2-1 zone
Residential
Residential -Low
None Provides for single-family housing within a low residential density range and limited accessory uses. 5-9
RS-1-7 zoneFAR Varies
Residential -Low Medium None
Provides for both single-family and multifamily housing within a low medi-um residential density range.
10-15RM 1-1 zone0.75 FAR
Residential -Medium None
Provides for both single-family and multifamily housing within a medium residential density range.
16-29RM-2-5 zones1.35 FAR
Residential –Medium High None
Provides for multifamily housing within a medium-high residential density range.
30-44RM-3-7 zone1.80 FAR
Residential –High None Provides for multifamily housing with a high density range. 45-73
RM-3-9 zone2.70 FAR
Residential –Very High None Provides for multifamily housing with a very high density range. 74-109
RM-4-10 zone3.60 FAR
UPTOWN COMMUNITY PLAN LAND USE DESIGNATION
Click Here for Bankers Hill Community Plan
LAND USE MAP
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W W
ASHIN
GTON ST
INDIA ST
06TH
AV
W WASHINGTON ST
UNIVERSITY AV
LAUREL ST
HAWTHORN ST
1ST
AV
2ND
AV
INDIA ST
1ST
AV
4TH
AV
03RD
AV
06TH
AV
W WASHINGTON ST
KITE
ST
07TH
AV
FIR ST
IVY ST
BUSH ST
ELM ST
PRINGLE
ST
BRAN
T ST
CURL
EW S
T
HAW
K ST
SUTTER ST
W LAUREL ST
FALC
ON
ST
REYN
ARD
WY
GRAPE ST
MAPLE ST
THORN ST
ROBINSON AV
WASHINGTON PL
W IVY ST
W UNIVERSITY AV
SPRUCE ST
QUINCE ST
LAUREL ST
KALMIA ST
KEATI
NG ST
W KALMIA ST
DO
VE S
T
VINE ST
JUNIPER ST
STATE ST
NUTMEG ST
WASHINGTON ST
W JUNIPER ST
TITUS ST
PENNSYLVANIA AV
BROOKES AVSAN DIEGO AV
FRO
NT
ST
OLIVE ST
NORT
H A
RRO
YO D
R
LARK
ST
ALBA
TRO
SS S
T
TORRANCE ST
06TH
EX
ST
JACK
DAW
ST
IBIS
ST
W QUINCE ST
ST JA
MES
PL
GLENWOOD DR
NEALE ST
05TH
AV
ANDREWS S
T
WIN
DER ST
GUY ST
W REDWOOD ST
EAG
LE S
T
HORTON AV
PALM ST
DO
VE C
T
W MAPLE ST
UNIVERSITY AV
SASSAFRAS ST
WEL
LBORN ST
OTS
EGO
DR
LINWOOD ST
CLARK ST
SHERIDAN AV
W UPAS ST
W GRAPE ST
B EARD
R
W PALM ST
CHALMERS ST
FALCON PL
W HAWTHORN ST
L YNDO NRD
UNION ST
ALBERTA PL
WALNUT AV
W THORN ST
IVY LN
REDWOOD ST
PUTERBAUGH ST
UPAS ST
GOLDFINCH PL
ARROYO DR
W BROOKES AV
VANDERBILT PL
GO
L DF I
NCH
S T
DAN
A P
L
MC KEE ST
W FIR ST
KETTNER BL
GOD
SAL
LN
POR
TOLA
PL
COLUMBIA ST
ROBI
NSO
N M
EWS
W WALNUT AV
EVANS PL
ING
ALL
S ST
IBIS CT
BARNSONPL
W PENNSYLVANIA AV
WSPRUCE ST
SLOANE AV
W OLIVE ST
BAY V
IEW
CT
RAN
DO
LPH
ST
PIO
NEE
R PL
CRA
NE
PL
ALAMEDA DR
CR O WEL
L ST
ANDERSON PL
W NUTMEG ST
UNIVERSITY PL
W ROBINSON AV
NORTH CRESCENT CT
1ST
AV
GOLD
FIN
CH S
T
W MAPLE ST
05THAV
W THORN ST
GOLD
FIN
CH S
T
IBIS
ST
SHERIDAN AV
LARK
ST
JACK
DAW
ST
W PALM ST
STATE ST
W SPRUCE STW SPRUCE ST
CURLEW ST
EAG
LE S
T
UNION ST
UNIO
N ST
W OLIVE ST
W MAPLE ST
HORTON AV
BUSH ST
BRAN
T ST
DOVE ST
UPAS ST
W BROOKES AV
CURL
EW S
T
FRO
NT
ST
05TH
AV
HAW
K ST
NEALE ST
TORRANCE ST
W BROOKES AV
JACK
DAW
ST
W NUTMEG ST
SUTTER ST
FRO
NT
ST
W UPAS STW UPAS ST
REYN
ARDW
Y
FRO
NT
ST
BRANT ST
STATE ST
HORTO
N AV
FRO
NT
ST
W PALM ST
COLUMBIA
ST
IND
I AST
PUTERBAUGH ST
GUY ST
BRAN
T ST
CURL
EW S
T
W UPAS STW UPAS ST
06TH
AV
FALC
ON
ST
DO
VE S
T
REDWOOD ST
COLUMBIA ST
DO
VE S
T
IBIS
ST
UNION ST
FRO
NT
ST
AL BATRO
SSST
DO
VE S
T
WUNIVE RSITY AV
W WALNUT AV
W ROBINSON AV
EAG
LE S
T
GUY ST
REYNARD WY
EAGLE ST
GUY ST
WINDER ST
BRAN
T ST
IBIS
ST
W WALNUT AV
GUY ST
OTS
EGO
DR
TORRANCE ST
COLU
MBIA ST
07TH
AV
WALNUT AV
06TH
AV
W SPRUCE ST
UNIVERSITY PL
EAG
LE S
T
03RD
AV
W WALNUT AV
ALBA
TRO
SS S
T
W UPAS ST
GOLD
FIN
CH S
T
ALB
ATR
OSS
ST
HAW
K ST
W PENNSYLVANIA AV
COLUMBIA ST
BUSH ST
W WALNUT AV
FRO
NT
ST
W PALM ST
SUTTER ST
HAW
K ST
JACK DA
WS
T
W THORN ST
TORRANCE ST
IBIS
ST
4TH
AV
STATE ST
W REDWOOD ST
GUY ST
PUTERBAUGH ST
KEATI
NG ST
STATE ST
LARK
ST
IBIS
ST
CURL
EW S
T
W THORN ST
W PENNSYLVANIA AV
LEGEND
ResidentialResidential - Low : 5-9 Du/Ac
Residential - Low Medium : 10-15 Du/Ac
Residential - Medium : 16-29 Du/Ac
Residential - Medium High : 30-44 Du/Ac
Residential - High : 45-73 Du/Ac
Residential - Very High : 74-109 Du/Ac
Commercial, Employment, Retail, and ServicesCommunity Commercial : 0-29 Du/Ac
Community Commercial : 0-44 Du/Ac
Community Commercial : 0-73 Du/Ac
Community Commercial : 0-109 Du/Ac
Neighborhood Commercial : 0-29 Du/Ac
Neighborhood Commercial : 0-44 Du/Ac
Office Commercial : 0-29 Du/Ac
Office Commercial : 0-44 Du/Ac
Office Commercial : 0-73 Du/Ac
Park, Open SpaceOpen Space
Park
InstitutionalInstitutional
Community Plan Boundary Copyright 2012 SanGIS - All Rights Reserved. Full text of this legalnotice can be found at http://www.sangis.org/Legal_Notice.htm
0 400 800200Feeto
FIGURE 2-4: COMMUNITY PLAN LAND USE MAP - SOUTH
LU-27
LAND USE 2
W W
ASHIN
GTON ST
INDIA ST
06TH
AV
W WASHINGTON ST
UNIVERSITY AV
LAUREL ST
HAWTHORN ST
1ST
AV
2ND
AV
INDIA ST
1ST
AV
4TH
AV
03RD
AV
06TH
AV
W WASHINGTON ST
KITE
ST
07TH
AV
FIR ST
IVY ST
BUSH ST
ELM ST
PRINGLE
ST
BRAN
T ST
CURL
EW S
T
HAW
K ST
SUTTER ST
W LAUREL ST
FALC
ON
ST
REYN
ARD
WY
GRAPE ST
MAPLE ST
THORN ST
ROBINSON AV
WASHINGTON PL
W IVY ST
W UNIVERSITY AV
SPRUCE ST
QUINCE ST
LAUREL ST
KALMIA ST
KEATI
NG ST
W KALMIA ST
DO
VE S
T
VINE ST
JUNIPER ST
STATE ST
NUTMEG ST
WASHINGTON ST
W JUNIPER ST
TITUS ST
PENNSYLVANIA AV
BROOKES AVSAN DIEGO AV
FRO
NT
ST
OLIVE ST
NORT
H A
RRO
YO D
R
LARK
ST
ALBA
TRO
SS S
T
TORRANCE ST
06TH
EX
ST
JACK
DAW
ST
IBIS
ST
W QUINCE ST
ST JA
MES
PL
GLENWOOD DR
NEALE ST
05TH
AV
ANDREWS S
T
WIN
DER ST
GUY ST
W REDWOOD ST
EAG
LE S
T
HORTON AV
PALM ST
DO
VE C
T
W MAPLE ST
UNIVERSITY AV
SASSAFRAS ST
WEL
LBORN ST
OTS
EGO
DR
LINWOOD ST
CLARK ST
SHERIDAN AV
W UPAS ST
W GRAPE ST
B EARD
R
W PALM ST
CHALMERS ST
FALCON PL
W HAWTHORN ST
L YNDO NRD
UNION ST
ALBERTA PL
WALNUT AV
W THORN ST
IVY LN
REDWOOD ST
PUTERBAUGH ST
UPAS ST
GOLDFINCH PL
ARROYO DR
W BROOKES AV
VANDERBILT PL
GO
L DF I
NCH
S T
DAN
A P
L
MC KEE ST
W FIR ST
KETTNER BL
GOD
SAL
LN
POR
TOLA
PL
COLUMBIA ST
ROBI
NSO
N M
EWS
W WALNUT AV
EVANS PL
ING
ALL
S ST
IBIS CT
BARNSONPL
W PENNSYLVANIA AV
WSPRUCE ST
SLOANE AV
W OLIVE ST
BAY V
IEW
CT
RAN
DO
LPH
ST
PIO
NEE
R PL
CRA
NE
PL
ALAMEDA DR
CR O WEL
L ST
ANDERSON PL
W NUTMEG ST
UNIVERSITY PL
W ROBINSON AV
NORTH CRESCENT CT
1ST
AV
GOLD
FIN
CH S
T
W MAPLE ST
05THAV
W THORN ST
GOLD
FIN
CH S
T
IBIS
ST
SHERIDAN AV
LARK
ST
JACK
DAW
ST
W PALM ST
STATE ST
W SPRUCE STW SPRUCE ST
CURLEW ST
EAG
LE S
T
UNION ST
UNIO
N ST
W OLIVE ST
W MAPLE ST
HORTON AV
BUSH ST
BRAN
T ST
DOVE ST
UPAS ST
W BROOKES AV
CURL
EW S
T
FRO
NT
ST
05TH
AV
HAW
K ST
NEALE ST
TORRANCE ST
W BROOKES AV
JACK
DAW
ST
W NUTMEG ST
SUTTER ST
FRO
NT
ST
W UPAS STW UPAS ST
REYN
ARDW
Y
FRO
NT
ST
BRANT ST
STATE ST
HORTO
N AV
FRO
NT
ST
W PALM ST
COLUMBIA
ST
IND
I AST
PUTERBAUGH ST
GUY ST
BRAN
T ST
CURL
EW S
T
W UPAS STW UPAS ST
06TH
AV
FALC
ON
ST
DO
VE S
T
REDWOOD ST
COLUMBIA ST
DO
VE S
T
IBIS
ST
UNION ST
FRO
NT
ST
AL BATRO
SSST
DO
VE S
T
WUNIVE RSITY AV
W WALNUT AV
W ROBINSON AV
EAG
LE S
T
GUY ST
REYNARD WY
EAGLE ST
GUY ST
WINDER ST
BRAN
T ST
IBIS
ST
W WALNUT AV
GUY ST
OTS
EGO
DR
TORRANCE ST
COLU
MBIA ST
07TH
AV
WALNUT AV
06TH
AV
W SPRUCE ST
UNIVERSITY PL
EAG
LE S
T
03RD
AV
W WALNUT AV
ALBA
TRO
SS S
T
W UPAS ST
GOLD
FIN
CH S
T
ALB
ATR
OSS
ST
HAW
K ST
W PENNSYLVANIA AV
COLUMBIA ST
BUSH ST
W WALNUT AV
FRO
NT
ST
W PALM ST
SUTTER ST
HAW
K ST
JACK DA
WS
T
W THORN ST
TORRANCE ST
IBIS
ST
4TH
AV
STATE ST
W REDWOOD ST
GUY ST
PUTERBAUGH ST
KEATI
NG ST
STATE ST
LARK
ST
IBIS
ST
CURL
EW S
T
W THORN ST
W PENNSYLVANIA AV
LEGEND
ResidentialResidential - Low : 5-9 Du/Ac
Residential - Low Medium : 10-15 Du/Ac
Residential - Medium : 16-29 Du/Ac
Residential - Medium High : 30-44 Du/Ac
Residential - High : 45-73 Du/Ac
Residential - Very High : 74-109 Du/Ac
Commercial, Employment, Retail, and ServicesCommunity Commercial : 0-29 Du/Ac
Community Commercial : 0-44 Du/Ac
Community Commercial : 0-73 Du/Ac
Community Commercial : 0-109 Du/Ac
Neighborhood Commercial : 0-29 Du/Ac
Neighborhood Commercial : 0-44 Du/Ac
Office Commercial : 0-29 Du/Ac
Office Commercial : 0-44 Du/Ac
Office Commercial : 0-73 Du/Ac
Park, Open SpaceOpen Space
Park
InstitutionalInstitutional
Community Plan Boundary Copyright 2012 SanGIS - All Rights Reserved. Full text of this legalnotice can be found at http://www.sangis.org/Legal_Notice.htm
0 400 800200Feeto
FIGURE 2-4: COMMUNITY PLAN LAND USE MAP - SOUTH
LU-27
LAND USE 2
HOUSING
existing shortageyoung professionals growing community
restaurants and shops neighbors health & wellbeing
WORKABILITY
CONNECTIVITY
relationships expanding neighborhoods social productivity
multi family Bankers Hill development
OPPORTUNITY
M A R K E T O V E R V I E W
Bankers Hill is literally “up the hill” from downtown San Diego. It is geographically defined by Interstate 5 on
the south, Balboa Park on the east, Interstate 5 and Reynard Way on the west and Upas Street on the north.
It is part of the area known as Uptown, which also includes the communities of Hillcrest (just to the north of
Bankers Hill), University Heights, Mission Hills, Middletown and the Medical District. These communities are some
of the oldest established neighborhoods in San Diego and contain more historically designated properties than
any other community within the City. The development of this neighborhood was assisted by the first cable car
outside of downtown San Diego, which afforded its residents easy access to downtown. Even today, the grid road
system originally established in this neighborhood affords easy access to the numerous businesses and attractions
downtown, the San Diego International Airport, which is within a five-minute drive, Sea World, which is a ten-
minute drive and Mission Valley with its two major shopping malls, which is a five-minute drive.
BANKERS HILL ±13,000RESIDENTS
±28,000EMPLOYEES
±1,400BUSINESSES
BY AGEBY INCOME
<$34
,99
9
9.9%
$75,
00
0 -
$14
9,9
99
29.4%
$35,
00
0 -
$74
,99
9
22.1%
$20
0,0
00
+
21.1%
$150
,00
0 -
$19
9,9
99
10.9%
27%
20-3
4
22%
31-5
4
20%
55-7
4
8%
75+
D E M O G R A P H I C S
Cushman & Wakefield has been retained as the owner’s exclusive advisor and broker regarding the sale of Connect located at 246-48 Nutmeg St. San Diego, CA 92103 .
This Offering Memorandum has been prepared by Cushman & Wakefield for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Cushman & Wakefield, the Owner, and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and, therefore, are subject to variation. No representation is made by Cushman & Wakefield or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Cushman & Wakefield, Owner, and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omission from, this Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. This Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors.
Owner and Cushman & Wakefield each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions to Owner’s obligations thereunder have been satisfied or waived. Cushman & Wakefield is not authorized to make any representations or agreements on behalf of Owner.
This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature. By accepting the package, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or Cushman & Wakefield, (iv) not use the package or any of the contents in any fashion or manner detrimental to the interest of Owner or Cushman & Wakefield, and (v) to return it to Cushman & Wakefield immediately upon request of Cushman & Wakefield or Owner.
D I S C L A I M E R
KEVIN NOLEN858.546.5487 [email protected] #01840398
JASON [email protected] #01328121
TIM [email protected] #00891667
