Bay Park | Fourplex | Value-Add | Vacant

• Asking Price: $1,900,000
• 4 Existing Units
• All Four Units Vacant
• Two Duplex Buildings
• Unit Mix: 2 One-Bedroom/One-Bath Units and 2 Two-Bedroom/One-Bath Units
• Approximately 2,280 SF Existing Building Area
• Approximately 0.15-Acre Lot
• Two Detached Rear Garages
• Potential to Convert Garages into Two Additional ADUs
• Potential Six-Unit Value-Add Configuration
• Immediate Renovation and Repositioning Opportunity
• Zoning: CC-3-8
• Sustainable Development Area
• Complete Communities Housing Solutions Tier 4
• CCHS Tier 4 Potential FAR: Up to 4.0, Subject to Program Requirements
• Theoretical CCHS Floor Area Potential: Approximately 26,000 SF
• SB 79 Tier 2 Future Redevelopment Potential
• Potential for Higher-Density Multifamily Redevelopment
• Strong Bay Park and Morena Boulevard Rental Location
• Convenient Freeway and Transit Access
• Minutes from USD and Mission Bay
• Central Access to San Diego’s Coastal Communities

Property Description

2059–2065 Morena Boulevard presents a unique value-add multifamily and redevelopment opportunity in San Diego’s desirable Bay Park neighborhood. Offered at $1,900,000, the property consists of two vacant duplexes containing four existing residential units, with a detached garage located at the rear of each building. All four units are currently vacant, allowing a buyer to immediately execute a renovation and repositioning strategy without navigating existing tenant relocations.

The existing unit mix consists of two one-bedroom/one-bath units of approximately 490 square feet and two two-bedroom/one-bath units of approximately 650 square feet. The property contains approximately 2,280 square feet of existing residential improvements on an approximately 0.15-acre site.

A compelling near-term value-add strategy is to fully renovate the four existing units and convert the two detached rear garages into additional ADUs, potentially increasing the property from four to six residential units while enhancing overall rental income and property value. The existing vacancy provides an investor with the flexibility to renovate the entire property immediately and reposition the residences with modern finishes, in-unit laundry, upgraded HVAC, and other premium improvements.

The property is zoned CC-3-8 and is located within a Sustainable Development Area and Complete Communities Housing Solutions Tier 4. The property also benefits from SB 79 Tier 2 redevelopment potential, providing investors with significant long-term optionality for a higher-density residential redevelopment strategy.

Under Complete Communities Housing Solutions, qualifying Tier 4 projects may utilize an FAR of up to 4.0, subject to applicable program requirements, affordable housing obligations, development regulations, and site-specific constraints. Based on the approximately 0.15-acre site, this could theoretically support approximately 26,000 square feet of floor area before accounting for applicable design, setback, access, open-space, and other development requirements.

SB 79 provides an additional potential redevelopment path based on the property's proximity to qualifying transit. Applicable Tier 2 density, FAR, and height allowances vary depending on the property's exact mapped distance from the qualifying transit stop and should be confirmed through the City of San Diego's Zoning and Permit Portal.

Located along the Morena Boulevard corridor, the property offers convenient access to the University of San Diego, Mission Bay, SeaWorld, San Diego International Airport, Downtown San Diego, Mission Valley, and the beaches of Pacific Beach, Mission Beach, and Ocean Beach.