6XXX Gage Drive San Diego, CA 92106
Options for Buyer:
Finished Lots ARV- $2,800,000 ($1,350,000 per lot- $1,450,000)
Build 2 Home & Sale ARV- $5,350,000 ($2,600,000-$2,800,000 per home)
- Purchase Price- $1,950,000- Buy Outright
- Capital Infusion- $492,000- 30% of Profit
- Costs to finish the lots $215,000
- Costs to build out 2 homes $225/SF (we have estimate in hand) $1,850,000
PROPERTY DEVELOPMENT OVERVIEW & EXIT STRATEGY
The project site is a 21,610 square foot lot in the wooded district in Point Loma, CA. There are currently three structures on the site, a 2008 square foot house built in 1952, a separate structure over an indoor pool and a detached garage. There are also a wide variety of large trees spread across the property. Our investigations have shown the highest and best use for the site is to split the existing 21,610 square foot residential lot into two residential lots at approximately 10,805 square feet each. The exit strategy is to sell both of the finished lots. Each lot will be “Ready-to-Build” with an approved parcel map, approved plans and paid permits. Lot 1 will have bay views and Lot 2 will not have views. The development team has done considerable work with an architect, engineers, consultants, contractors, The City of San Diego and local utility providers to move the project forward with the proposed use in mind. The lot spit and the layout and plans for the two homes as proposed for the project is 100% conforming per the codes of The City of San Diego planning department.
CURRENT DEVELOPMENT STATUS There is a surveyed site plan, architectural drawings, which are updated as progress is made, and external renderings for each home. The demolition permit for the existing structures was issued in late December 2015. Various engineers have been working with to prepare the parcel map, the coastal development permit and building plans for submittal to The City of San Diego. The parcel map, the coastal development permit and building plans will be processed concurrently through the City of San Diego planning department. The next step is to demolish the 3 structures on the property and remove the trees
ARV for 2 finished lots
Based on the comparable properties and the neighborhood and the location of the subject property, it is our estimation each of the finished lots on Gage Drive will sell between $1,350,000 and $1,450,000. EACH
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