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BILL SHRADER+1 858 677 [email protected]
NORTH PARK DEVELOPMENT OPPORTUNITY
JOE BRADY+1 858 677 [email protected]
E L C A J O N B L V D2315
Colliers International is pleased to present a rare opportunity to acquire 2315 El Cajon Blvd, a freestanding office building and parking lot located in the heart of North Park. 2315 El Cajon Blvd is a prime development opportunity, located in a bustling uptown neighborhood. North Park is the new black in San Diego’s nightlife and arts scene with happening boutiques, salons, galleries, cafes, restaurants, wine and beer bars, and nightclubs. But the neighborhood’s longtime eclectic flavor prevails, from the pockets of historic craftsman and Spanish revival homes to the mishmash of interesting locals. 2315 El Cajon Blvd offers investors the rare opportunity to acquire irreplaceable real estate in the highly coveted North Park neighborhood. North Park, one of San Diego’s older neighborhoods, is leading the way toward better designed infill projects as the community nears completion on a new master-land use plan.
2315 EL CAJON BLVD 3
01
PRIME UPTOWN LOCATIONArguably the most eclectic neighborhood in San Diego, North Park caters to a local crowd and is filled with coffee shops, boutiques, and diverse restaurants.
IN THE PATH OF DEVELOPMENTWith rapid transit increase, EL Cajon Blvd. will turn into a main transportation corridor and developers are being encouraged to build up to 145 units per acre, the highest density outside downtown.
RESIDENTIAL POPULATION GROWTHNorth Park is turning heads with new businesses and developing projects. The neighborhood continues to expand, yet keep that town feel that locals enjoy.
STRONG MARKET IN DEVELOPMENT CYCLEOne of San Diego’s earliest suburbs for the city’s burgeoning population and now the epicenter of another development trend.
PROXIMATE TO NEIGHBORHOOD AMENITIESWith a walk score of 84, most errands can be accomplished on foot. Residents can enjoy all that El Cajon Blvd. has to offer in just minutes.
THE INVESTMENT
INVESTMENT HIGHLIGHTS
2315 EL CAJON BLVD 5
ADDRESS 2315 El Cajon Blvd, San Diego, CA 92104
PROPERTY TYPE Development Opportunity
EXISTING IMPROVEMENTS Office Building & Parking Lot
PARCEL NUMBER 445-411-03
LOT SIZE 7,177 SF | 0.16 Acres
POTENTIAL UNITS 18-30 units
ZONE CC-3-9
COMMUNITY PLAN Greater North Park
PRICE $1,595,000
TRANSACTION TIMETABLE AND PROCEDURE
Contact listing broker to schedule a tour of the property. Twenty-four hour notice is appreciated.
OFFERS The Seller reserves the right to sell the property at anytime during the marketing period without prior notice.
DISCLAIMERThe property will be sold on an “as-is” basis. It is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.
THE PROPERTY
Deta
ilsTe
rms
02THE OFFERING
EL CAJON BLVD
EL CAJO
N BLVD
LOU IS IANA ST
2315 EL CAJON BLVD 7
03DEVELOPMENT SUMMARY
OVERLAYS
Geological Hazard Category 52San Diego Unified School DistrictEl Cajon Boulevard Gateway Improvement DistrictTransit Area OverlayTransit Priority AreaSDIA – Airport Influence AreaAirports: FAA Height Notification
PERMITTED USES
Note: Residential Development is permitted only when a commercial structure exists on the premises or is part of the proposed development
Multiple Dwelling UnitsRooming HouseShopkeeper UnitsResidential Care Facilities (6 or fewer Persons)Transitional Housing (6 or fewer persons)MuseumsRetail SalesCommercial ServicesBed & Breakfast EstablishmentsPermanent Parking FacilitiesBusiness & Professional Offices
GROUND FLOOR RESTRICTIONS Residential use and residential parking are prohibited on the ground floor in the front 30’ of the lot.
RESIDENTIAL DEVELOPMENT
Where residential development is permitted, the development regulations of the RM zones apply as appropriate according to the maximum permitted residential density except that the lot area, lot dimensions, setback, FAR and height requirements of the applicable commercial zone apply. Due to maxPermitted density of 400 SF/DU, regulations of RM-4-10 zone apply.
MAX PERMITTED 400 SF/DU
RESIDENTIAL DENSITY 7,117 SF/400 SF = 17.79 or 18 Dwelling Units (Round Up)
AFFORDABLE HOUSING
18 Units (round up) – Provide: 3 Very Low Income Units = 3/18 = .167 (16.7%)≥15% Very Low Income Affordable = 50% Density Bonus and 5 Incentives18*1.5=27 Units (Round Up): 24 Market rate, 3 Very Low Affordable
18 Units (round up) – Provide: 3 Very Low Income Units = 3/18 = .167 (16.7%)≥15% Very Low Income Affordable = 100% Density Bonus and 5 Incentives18*2.0=36 Units (Round Up): 33 Market rate, 3 Very Low Affordable*100% density bonus requires avg. unit size of 600 SF & max. unit size of 800 SF
LOT AREA Min.: 2,500 SFMax.: none
LOT DIMENSIONSWidth: 25’Frontage: 25’Depth: none
SETBACKS
Min. Front: 0’Max. Front: 10’Min. Side: 10’Optional Side: 0’ *Must be either 0’ or 10’, no in betweenMin. Rear: 10’Optional Rear: 0’ *Must be either 0’ or 10’, no in betweenRear abutting residential – Applies, see 131.0543(c)
MAX STRUCTURE HEIGHT none
MIN LOT COVERAGE 35%7,117 SF * 0.35 = 2,491 min. ground floor area
MAX FAR
2.07,117 SF * 2.0 = 14,234 max. buildable area
5.0 *with mixed use bonus (min. 2.0 FAR residential)7,117 SF * 5.0 = 35,585 max. buildable mixed use area (min. 14,234 residential)
PEDESTRIAN PATHS Applies – See 131.0550
TRANSPARENCY Minimum of 50% of street wall area between 3 and 10 feet above the sidewalk shall be transparent, with clear glass visible into a commercial or residential use.
BUILDING ARTICULATION Applies – See 131.0554
ACCESSORY USES Applies – See 131.0448
GROUND FLOOR HEIGHT Min. ground floor height shall be 13’, measured from floor to floor. This only applies to structures with commercial uses on the ground floor.
STORAGE REQUIREMENTS Each DU shall have a full enclosed, personal storage area outside the unit that is at least 240 cubic feet with a minimum 7’ horizontal dimension along one plane.
PRIVATE EXTERIOR SPACE At least 50 SF of usable, private, exterior open space abutting each unit with a min. dimension of 4’
COMMON OPEN SPACE Applies – See 131.0456 for full regulations. Shall be at least 300 SF or 25 SF per DU, whichever is greater. Min. dimension of 12’ x 15’.
ARCHITECTURAL PROJECTIONS Permitted – See 131.0461(c)
REFUSE/RECYCLING See table 142-08A for calculations requiring minimum area.
VISIBILITY AREA Required - See 113.0273
PARKING REGULATIONS
*Transit Area* Car Motorcycle Bicycle
Studio up to 400 SF 1.0 .05 .3
1BD or Studio over 400 SF 1.25 .1 .4
2BD 1.75 .1 .5
3-4BD 2.0 .1 .6
5+BD 2.0 .2 1.0
Retail,Commercial, Office, Mixed-Use: 2.1 Stalls per 1,000 SF Area
0.1 Bicycles per 1,000 SF Area
*If the project includes a minimum of 11% very low affordable units, then parking ratio is reduced to 0.5 stalls per bedroom for residential use.
DOWNTOWN
CORONADOPOINT LOMA
BALBOA PARK
EL CAJON BLVD
LOU
ISIA
NA
ST
UNIVERSITY AVE
PARK BLVD
MISSISSIPPI ST
ALABAMA ST
2315 EL CAJON BLVD 9
04IN THE PATH OF DEVELOPMENT
INDIANA STApartments
23 UNITS
3922-3932Park Blvd
8 UNITS
THE BLVDEl Cajon Blvd
165 UNITS
E L C A J O N B L V D2315
REFILL
2315 EL CAJON BLVD 11
3922-32 PARK BLVD$3,650,00014,986 SF Land$244 psf 06/29/17Proposed: MultiFamily
4075-85 PARK BLVD$4,250,00020,909 SF Land$202 psf 04/01/16Proposed: MultiFamily
3921-35 NORMAL ST$3,560,00024,394 SF Land$146 psf 05/13/18Proposed: MultiFamily
05SALE COMPARABLES
3085-95 EL CAJON BLVD$2,350,00010,454 SF Land$221 psf 02/13/18Proposed: MultiFamily
4353 PARK BLVD$35,000,00067,954 SF Land$1,618 psf 01/25/18Proposed: MultiFamily
1810 EL CAJON BLVD$7,300,00033,977 SF Land$216 psf 04/13/18Proposed: MultiFamily
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EL CAJON BLVD
MISSION AVE
UNIVERSITY AVE
PAR
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LVD
WASHINGTON ST
E L C A J O N B L V D2315
2315 EL CAJON BLVD 13
EITHER RENTAL COMPS OR CALLOUTS ON THIS PAGE
Named North Park one of America’s “Hippest Hipster
Neighborhoods.”
Named San Diego the best beer city in the United States and said
that “30th Street in North and South Parks is easily the nation’s
best beer boulevard”
“A top craft beer destination and one of the most dynamic beer
scenes in America and arguably the world”
North Park’s ECLECTIC CHARACTER, CLEANLINESS and
ongoing renaissance, make it one of San
Diego’s MORE DESIRABLE locales to put down roots.
LOUISIANA ST
EL CAJON BLVD
A San Diego Urban Village.
Southeast of downtown and bordering Balboa Park, you’ll find the diverse and eclectic uptown neighborhoods of North Park and South Park. Catering to a local crowd, streets here are lined with coffee shops, boutiques, art galleries, diverse restaurants and craft beer pubs.
The epicenter of North Park is the bar-hopping intersection of University Avenue and 30th Street, which holds claim to being “the best beer neighborhood in the nation,” thanks to numerous craft-beer establishments such as Toronado, Tiger! Tiger! and Modern Times Flavordome. Craft cocktails are also a mainstay with bars like Bar Pink and Seven Grand offering creative concoctions. The neighborhood pulses with great restaurants, shops, entertainment and art blocks, such as Ray Street, which boasts dozens of galleries, live theater and musical shows. The historic Observatory North Park, in the heart of the business district, offers an impressive year-round line up. Fronting the theater is the lively West Coast Tavern.
2315 EL CAJON BLVD 15
06THE AREA
578,684 Population (5 mi)
$76kAvg HouseholdIncome
NORTH PARK AT A GLANCE
84
502
Walk Score
Uptown Residential Units Under Construction
13Minutes to SD Airport
©2018 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification.
4350 La Jolla Village Dr., Suite 500 | San Diego, CA 92122Main: +1 858 455 1515 | colliers.com/sandiego
BILL SHRADER+1 858 677 [email protected]. No. 01033317
JOE BRADY+1 858 677 [email protected]. No. 01908072
