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1221-1235 Palm Avenue

1221-1235 Palm Avenue
Imperial Beach, CA
Availability: Price:$975,000 Lot Size:10,890 SF
Shipping: 1221-1235 Palm Avenue in Imperial Beach is an ideal investment or redevelopment opportunity, in the heart of the Palm Avenue’s mixed-use redevelopment district.
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Description





Agents

BEN TASHAKORIAN | FIRST VICE PRESIDENT


Senior Director: Institutional Property Advisors (IPA)
License: CA 01333884
Dir: (858) 373-3176
Fax: (858) 373-3110
btashakorian@ipausa.com

NICK TOTAH | SENIOR ASSOCIATE

 
Associate Director: NOIPG
License: CA 01922255
Dir: (858) 373-3159
Cel: (619) 651-3412
nick.totah@marcusmillichap.com

Jacob Hayutin | Associate

Member: NOIPG
License: CA 01981515
Cel: (858) 775-1847
Dir: (858) 373-3231
jacob.hayutin@marcusmillichap.com

Description

Marcus & Millichap is pleased to present 1221-1235 Palm Avenue in Imperial Beach as an ideal investment or redevelopment opportunity, in the heart of the Palm Avenue’s mixed-use redevelopment district. The investment opportunity exists for the hands-on lease negotiator to extend the terms of each lease and bring their rates up to current market rates. Additionally, the subject property is well suited for a developer to join in the City of Imperial Beach’s mission to revitalize Palm Avenue/ State Route 75, with pedestrian friendly street level retail with multi-family housing on top. Prominent local developers including Sudberry Properties and Hitzke Development Corporation have already begun taking part in the revitalization process on either side of the subject property at 9th Street and Florence Street respectively.

1221-1235 Palm Avenue sits on a 10,890 square-foot lot and includes 3,650 square-feet of rentable building area. Additionally, the parcel accommodates seventeen free surface parking spaces in both the front and back of the building. Current zoning is C-1 commercial and would allow construction of up to four stories or forty feet with one dwelling unit per thousand square-feet of land.

Features

  • Ideal value add opportunity through re-tenanting
  • Below market rental income from tenants with gross leases
  • Located within the Imperial Beach redevelopment zone
  • Potential build up to 4 stories or 40 feet
  • 1 mile to the Beach and ½ a mile to the Bay
  • 4.66/1,000 SF Parking Ratio

Price

$975,000

Building Size

3,650 SF

Parcel Size

.25 AC

Year Built/ Renovated

1975/2013

Occupancy

73%

Park Ratio

4.66 / 1,000 SF

Details

  • 22932141
  • Other
  • Price:$975,000 Lot Size:10,890 SF
  • New

Shipping Information

  • Item Requires Shipping
  • 1221-1235 Palm Avenue in Imperial Beach is an ideal investment or redevelopment opportunity, in the heart of the Palm Avenue’s mixed-use redevelopment district.

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