Vacant Fourplex With Garages

Highlights:

• Vacant Four-Unit Property: Immediate opportunity to renovate and lease the property at market rents
• Flexible Investment Strategy: Renovate and stabilize the existing units, add ADUs or pursue a larger future redevelopment
• ADU Expansion Potential: Opportunity to increase density and income through the addition of ADUs
• CC-3-8 Base Zoning: Commercial-residential zoning supports a broad range of uses for future development
• CCHS Tier 4 Overlay: Located within Complete Communities: Housing Solutions Tier 4
• Reduced Tenant Risk: Vacancy provides a clean path to construction, renovation and redevelopment
• Strong Bay Park Rental Demand: Positioned in a neighborhood with strong demand for renovated rental housing
• Compelling Value-Add: Existing residences offer significant upside through comprehensive improvements
• Transit-Oriented & SB 79 Tier 2: Half mile to the Tecolote Rd & Clairemont Trolley Stations
• Central San Diego Connectivity: Minutes from Mission Bay, USD, Mission Valley, Downtown and the I-5 and I-8 freeways

Description:

Bay Park Multifamily
2059-65 Morena Boulevard, San Diego CA
A Value-add Investment in Bay Park, San Diego.

2059–2065 Morena Boulevard presents a compelling value-add opportunity consisting of two vacant duplexes, each with a detached garage located at the rear of the property. With all four existing residential units vacant, a buyer can immediately execute a renovation program, reposition the property, and bring the units to market without navigating existing tenancy issues.

The strongest near-term investment strategy is to fully renovate the four existing units and convert the rear garages into additional ADUs, increasing both the property’s unit count and overall income potential. The existing configuration provides an attractive foundation for a boutique multifamily renovation, while the garage structures offer an opportunity to create additional residential units and further enhance long-term value.

The property also benefits from its location within SB 79 Tier 2, providing potential for increased residential density and a larger-scale future redevelopment strategy. This designation gives investors additional long-term optionality beyond renovating the existing units and converting the garages, subject to confirmation of applicable development standards and City requirements.

Based on current rental activity throughout Bay Park and the Morena Boulevard corridor, the highest rents are being achieved by units offering an elevated renovation package. Designer-quality kitchens and bathrooms, upgraded flooring and lighting, stainless-steel appliances, mini-split air conditioning, and in-unit washers and dryers can materially differentiate the property from older competing inventory and position the units toward the upper end of the local rental market.

The property is located along the increasingly desirable Morena Boulevard/Bay Park corridor, offering convenient access to employment, education, recreation, and some of San Diego’s strongest lifestyle amenities. It is just minutes from the University of San Diego, Mission Bay, SeaWorld San Diego, San Diego International Airport, and the beaches of Mission Beach, Pacific Beach, and Ocean Beach. Residents also benefit from convenient freeway and transit access connecting the property to Downtown San Diego, Mission Valley, and surrounding coastal communities.

With four vacant units, substantial renovation upside, potential garage-to-ADU conversions, SB 79 Tier 2 redevelopment potential, and a central coastal San Diego location, 2059–2065 Morena Boulevard offers investors multiple paths to increase income and create significant long-term value.

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