damian mckinney julie dunlap · any investments discussed may not be suitable for all. all...

r e d e v e l o p m e n t o p p o r t u n i t y O F F E R I N G M E M O R A N D U M

Helix P laza

D A M I A N M C K I N N E YLic. #[email protected]

J U L I E D U N L A PLic. #[email protected]

01 / Site Details

02 / Aerial Overview

03 / Local Amenities

04 / Redevelopment Highlights

05 / Zoning & Land Use

06 / Zoning Map

07 / City of La Mesa Snapshot

08 / La Mesa Quick Facts

09 / 5-Mile Radius Quick Facts

10 / Sale Comparables

TA B L E O F C O N T E N T S

CONFIDENTIAL. PLEASE NOTE THIS PRESENTATION IS FOR INFORMATION PURPOSES ONLY AND SHOULD NOT BE REGARDED AS AN OFFER TO SELL OR TO BUY ANY FINANCIAL PRODUCT. THE INFORMATION PROVIDED DOES NOT TAKE INTO ACCOUNT THE INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR PARTICULAR NEEDS OF ANY INDIVIDUAL. ANY INVESTMENTS DISCUSSED MAY NOT BE SUITABLE FOR ALL. ALL INFORMATION CONTAINED HEREIN IS FROM SOURCES WE DEEM RELIABLE, HOWEVER, NO REPRESENTATION OR WARRANTY IS MADE AS TO THE ACCURACY THEREOF. REAL ESTATE LICENSE #01891265

Helix P laza

s i t e d e ta i l sADDRESS 7404-7450 University Avenue

La Mesa, CA 91942TYPE Retail Strip Center

LAND AREA (SF) 1.53 Acres

SIZE (SF) 20,968 SF

APN 475-020-01

ZONING C (General Commercial) / MU (Urban Design Overlay / Mixed Use Overlay)

FAR 0.31

PARKING 90 free surface spaces available (4.30 spaces / 1,000 SF)

YEAR BUILT 1977

CONSTRUCTION TYPE Wood Frame with Stucco Finish

ROOF DESCRIPTION Flat

REQUIRED PARKING 2 spaces per dwelling unit

SALE PRICE $4,900,000 ($233.69 / SF)

01



a e r i a l o v e r v i e w

404 University Avenue

02

H e l i x p l a z a

2.3 MILES

1.0 MILE1.7

MIL

ES



3.1 MILES

l o c a l a m e n i t i e s

03

3 - m i l e r a d i u s

1 - m i l e r a d i u s

KROC CENTER ICE SKATING

RINKHELIX HIGH

SCHOOL

GROSSMONT HIGH SCHOOL

404 University Avenue

H e l i x p l a z a



r e d e v e l o p m e n t h i g h l i g h t s

Large Infill Site of 1.53 Acres

This single site presents the opportunity to acquire a large parcel of land zoned for General Commercial with a Mixed-

Use Overlay zone. The size and location of this lot allows for the development of a mixed-use building permitting 61

residential dwelling units (with potential for 64-82 affordable units with

Density Bonus Program.

Dynamic Location in the Heart of La MesaThis site is located within one mile from the Historic La Mesa Village featuring trendy new restaurants and diners, breweries,

and shops. It is also only 3 miles away from San Diego State University.

Strong & Stable Market

With a decreasing vacancy rate of 3.4% and only 45 units being

constructed in the next 12 months, there is a high demand for the

development of multifamily housing units in La Mesa. Rents are expected to continue growing by at least 3% year over year and remain stable with the low vacancy rates.

Excellent Access

The property is easily accessible

from Interstate-8 via University Avenue and Spring Street or Southbound on Interstate-94 and Northbound by Interstate-125.

04



This single-story 20,968 SF retail strip center is located on 1.53 acres (66,647 SF). The property was constructed in 1977 to serve retail business owners and retail shoppers located in the urban and residentially zoned neighborhoods that surround this site.

The La Mesa zoning ordinance intended this location to be zoned C (General Commercial) for all types of retail businesses, office users, and retail services. The regulations for this zone are intended to provide the opportunity for the development of unified central business environment consisting of small retail businesses. However, in 2008 the City Council approved the MU (Mixed-Use) overlay zone which promotes the revitalization of La Mesa’s transit corridors which runs parallel to the current existing site.

The MU overlay zone permits future development to be either a vertical mix within a project, or a horizontal mix along the corridor. Exclusively residential projects are permitted. The overlay zone encourages a diversity of residential types and commercial uses including retail, office, local service businesses, and restaurants.

z o n i n g + l a n d u s e

05



z o n i n g m a p

ZONING

MAP

LEGEND

Overlay Districts

R1 - Urban Residential

R1A - Urban Residential Alternative

R1E - Semi-Rural Estate

R1R - Semi-Rural Residential

R1S - Suburban Residential

R2 - Medium Low Density Residential

R3 - Multiple Unit Residential

RB - Residential Business

CN - Neighborhood Commercial

C - General Commercial

CD - Downtown Commercial

CM - Light Industrial & Commercial Service

M - Industrial Service & Manufacturing

Civic Center

MacArthur Park

H e l i x p l a z a

06



This exclusive property is located in the eastern San Diego City of La Mesa, California. La Mesa is located just five miles east of San Diego. La Mesa covers 9 square miles and is home to 184,771 residents in 67,771 households.

La Mesa has experienced a substantial 3% growth in the last year and is projected to grow an additional 11% in the next five years. La Mesa has continued to grow due to its close proximity to San Diego, which provides renters with more affordable rents than in Central San Diego.

Young families from more expensive submarkets continue to look for space at an affordable price by moving into La Mesa. For instance, landlords throughout the area have noted that a number of transplants are moving from the Balboa Park neighborhoods to La Mesa.

c i t y o f l a m e s a s n a p s h o t

07



l a m e s a q u i c k f a c t s

POPULATION GROWTH

SINCE 2010

TOTAL NUMBER OFRESIDENTS

MEDIANAGE

TOTAL NUMBER OFHOUSEHOLDS

AVERAGEHOUSEHOLD

INCOME

7.22%

184,771

34.7

67,771

$78,639

08



5 - m i l e r a d i u s q u i c k f a c t s

CROSS STREET VOLUMEUniversity Avenue & Yale St 17,900 cars per day

STATISTIC 1 MILES 3 MILES 5 MILESPopulation (2018) 25,113 198,119 528,454

Population (2023) 26,070 206,379 550,105

Projected Households (2023) 10,527 74,974 190,171

Avg. Household Income $79,578 $78,639 $79,044

Avg. Age 38.3 36.8 36.8

d e m o g r a p h i c s

t r a f f i c c o u n t s

5 2 8 , 4 5 4Daytime

Population

$4,930,225Consumer Spending

3 m i l e s away from

San Diego State University

3 m i l e s away from Lake Murray

3 Breweries &

Tasting Rooms

1 8 2 , 8 6 5Households

09



SALE DATE 7/23/2018

BUILDING SF 4,701 SF

PRICE (APPROX.) $1,450,000

PRICE / SF $308.45

TYPE Retail

5465 lake murray blvd

SALE DATE 12/21/2017


PRICE (APPROX.) $862,936

PRICE / SF $273.34

TYPE Retail

5611 lake murray blvd

SALE DATE 2/12/2018



PRICE / SF $318.68

TYPE Retail

4223 palm ave

SALE DATE 6/27/2018



PRICE / SF $243.63

TYPE Retail

7569 university ave

7735 university ave

SALE DATE 8/10/2018



PRICE / SF $208.57

TYPE Multifamily

8707-8747 Fletcher pky

SALE DATE 9/12/2017



PRICE / SF $283.44

TYPE Multifamily

7394 la mesita dr

s a l e c o m p a r a b l e s

10

7 4 0 4 - 7 4 5 0 u n i v e r s i t y av e ( s u b j e c t p r o p e r t y )BUILDING SF: 20,968 SF | SALE PRICE: $4,900,000 ($233.68 / SF)

SALE DATE 9/24/2018



PRICE / SF $248.23

TYPE Retail



damian mckinney julie dunlap · any investments discussed may not be suitable for all. all...

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