Auction - 158 Unit Entitled Apartment Site
STARTING BID $1,500,000 | 158 Unit Entitled Apartment Site | AUCTION JUNE 8-10
Marketing description
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Marcus & Millichap and Colliers are proud to present 3635 & 3655 5th Avenue, a rare, covered land opportunity, combining current parking income with substantial long-term development upside in the heart of the Hillcrest/Bankers Hill neighborhood, one of San Diego’s most sought-after submarkets (the “Property”). The offering includes two parcels totaling approximately 15,414 square feet with plans for 158 apartment units and ground-floor retail across two proposed 11-story towers. With plans designed and the seller indicating a buyer may be able to commence construction in a short timeframe, the Property offers meaningful time-to-market advantages. Positioned in a highly walkable, affluent urban neighborhood near Balboa Park, Downtown San Diego, and major transportation routes, the site is well suited for a developer seeking both near-term cash flow and future vertical upside in one of San Diego’s most desirable urban infill locations.
The Property offers a highly walkable, amenity-rich infill setting in one of San Diego’s most desirable urban neighborhoods. Residents are steps from restaurants, fitness studios, coffee shops, dog parks, and daily-needs retail, with Balboa Park, the San Diego Zoo, Trader Joe’s, and Whole Foods all within a short walk. The submarket’s central location, lifestyle appeal, and limited infill development opportunities continue to support strong renter demand. For multifamily developers, the neighborhood presents an opportunity to deliver housing in a supply-constrained, high-barrier-to-entry location with lasting live-work-play appeal.
Investment highlights
- STARTING BID $1,500,000 | 158 Unit Entitled Apartment Site | Hillcrest-Bankers Hill Neighborhood | AUCTION JUNE 8-10
- Rare ±15,414 SF (0.35-acres) of vacant land in San Diego’s Hillcrest / Bankers Hill neighborhood, planned for two 11-story apartment towers across two separate lots.
- Covered land play in Hillcrest / Bankers Hill with current parking lot income while pursuing future redevelopment.
- Existing parking lot generates $224K in revenue (2025) providing carry potential prior to vertical construction.
- Near-shovel-ready multifamily development opportunity with seller-provided architectural designs and construction plans.
- Planned for 158 total units consisting of 142 market-rate units and 16 affordable units, plus approximately 2,234 SF of ground-floor retail space.
- Complete Communities / high-density zoning profile with CC-3-10 zoning and 8.0 FAR, supporting a high-rise urban apartment execution in one of San Diego’s most supply-constrained submarkets.
- Premier walkable location just blocks from Balboa Park, Whole Foods, restaurants, bars, fitness studios, and neighborhood retail amenities.
- Strong renter demand drivers from proximity to Downtown San Diego employment, the airport, and three major freeways, within an area experiencing significant multifamily development momentum.
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