5061 Keeney St - The Fletcher
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5061 Keeney St - The Fletcher
0.76 Acres of Commercial Land Offered at £1,145,514 in La Mesa, CA 91942
Investment Highlights
- Permit ready .76-acre (33,105 sq ft) development site for 19 apartment units
- Abundant off-street parking for tenants
- Proximate to Sharp Grossmont Hospital, Grossmont Shopping Center, and SDSU
- Desirable unit mix of spacious one-, two-, and three-bedroom floorplans
- Spring Street Trolley Station and Grossmont Transit Center are both within 1.6 miles
- Only a 15-minute drive to downtown San Diego, the largest employment center in the region
Executive Summary
Zorbas | Huffman | & Partners of Marcus & Millichap is pleased to exclusively present the sale of “The Fletcher,” a permit ready 19-unit apartment development site located in the City of La Mesa, California. Located at 5061 Keeney St, the 0.76-acre property is currently a vacant lot comprised of one parcel with approximately 33,105 square feet of lot area. The site is well located, only 0.3 miles to El Cajon Blvd, a major thoroughfare and current zoning and incentives allow for multifamily development possibilities.
The 19-unit asset will be comprised of nine (9) one-bedroom/one-bathroom units, nine (9) two-bedroom/two-bathroom units, and one (1) three-bedroom/two-bathroom unit totaling 14,619 of rental sq ft. Each unit will have 8-9ft ceilings, in unit washer/dryers, private decks, and luxury modern finishes. Tenants will also have access to a robust amenity package including a community BBQ area, rooftop deck, off street parking, a gazebo lounge, and gated entry. The property is only 0.8 miles from Interstate-8 which serves as a critical interregional east/west travel corridor through San Diego County. The property is also only 2.7 miles from Sharp Grossmont Hospital, with $3.7 billion total patient revenue annually, and The Grossmont Shopping Center, an outdoor shopping mall with 100 unique stores, over 20 restaurants, and 10 large movie screens. The Spring Street Trolley Station and Grossmont Transit Center are only 1.4 miles, providing residents effective, high-quality rail and bus line transportation options for convenient access countywide. San Diego State University (SDSU), with a student body of over 34,000, is 2.5 miles West along the I-8 corridor and generates over $2.4 billion annually. Downtown San Diego, a Tier-1 employment center, is just a 15-minute drive away.
The submarket’s 12-month asking rent growth is 8.3% and the overall vacancy rate is trending at 2.4%. As major economic milestones are being reached nearby and submarket demand continues to increase, priming this opportunity for future development. This investment opportunity offers an investor the rare opportunity to construct a sizeable luxury apartment building in a high barrier to entry market
The 19-unit asset will be comprised of nine (9) one-bedroom/one-bathroom units, nine (9) two-bedroom/two-bathroom units, and one (1) three-bedroom/two-bathroom unit totaling 14,619 of rental sq ft. Each unit will have 8-9ft ceilings, in unit washer/dryers, private decks, and luxury modern finishes. Tenants will also have access to a robust amenity package including a community BBQ area, rooftop deck, off street parking, a gazebo lounge, and gated entry. The property is only 0.8 miles from Interstate-8 which serves as a critical interregional east/west travel corridor through San Diego County. The property is also only 2.7 miles from Sharp Grossmont Hospital, with $3.7 billion total patient revenue annually, and The Grossmont Shopping Center, an outdoor shopping mall with 100 unique stores, over 20 restaurants, and 10 large movie screens. The Spring Street Trolley Station and Grossmont Transit Center are only 1.4 miles, providing residents effective, high-quality rail and bus line transportation options for convenient access countywide. San Diego State University (SDSU), with a student body of over 34,000, is 2.5 miles West along the I-8 corridor and generates over $2.4 billion annually. Downtown San Diego, a Tier-1 employment center, is just a 15-minute drive away.
The submarket’s 12-month asking rent growth is 8.3% and the overall vacancy rate is trending at 2.4%. As major economic milestones are being reached nearby and submarket demand continues to increase, priming this opportunity for future development. This investment opportunity offers an investor the rare opportunity to construct a sizeable luxury apartment building in a high barrier to entry market
Property Facts
| Price | £1,145,514 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 0.78 AC |
| Property Type | Land |
| Price | £1,145,514 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.78 AC |
1 Lot Available
Lot
| Price | £1,145,514 | Lot Size | 0.76 AC |
| Price Per AC | £1,507,256 |
| Price | £1,145,514 |
| Price Per AC | £1,507,256 |
| Lot Size | 0.76 AC |
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zoning
| Zoning Code | R3 |
| R3 |
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Austin Ray Huffman -
Marcus & Millichap
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5061 Keeney St - The Fletcher
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