190 Calle PrimeraSan Diego, CA 92173

Property Details for 190 Calle Primera

Year built

1975

Lot size

1.21 AC

Property size (Sq ft)

19,440 SF

Zone code

COMMERCIAL

Property type

Hospitality properties

Property subtype

Hotels

APN

666-170-40-00

APU

6661704000

Description

This 19,440 square foot motel in San Diego, CA, presents a unique adaptive reuse opportunity. Situated on a 1.21-acre corner lot (APN 666-170-40) at 190 Calle Primera, 92173, this property offers significant potential. The existing structure comprises four two-story buildings, built in 1975 and renovated in 2004. Currently vacant, the property features 70 keys and ample surface parking. Zoned CC-2-1, it's ideally located with easy access to I-5 and I-805. Prior plans envisioned converting the motel into a 70-unit (70 studio units and one manager's unit) affordable supportive housing project, potentially leveraging remaining funds from a previously awarded $24 million state grant. This grant, intended for housing and caregiving support for at-risk older adults, may be accessible to a qualified buyer for capital improvements and operational funding. Pre-qualification by a state agency is required. The property's previous intended net rentable area was approximately 18,000 square feet. Bid deadline is November 20th at 5:00 PM PT.

• CAP approach

  CAP return

  Valuation

  6%

  $4,628,450

  6.5%

  $4,272,415

  7%

  $3,967,242

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,393,671

  Geo Method

  $16,079,397

• Alternative Use

  Use

  Valuation

  Residential

  $4,664,236

  Hospitality

  $4,272,415

  Educational

  $3,554,599

  Medical

  $3,676,847

  Retail

  $5,529,376

Location Insight

City

San Diego

County

San Diego

State

California

Latitude

32.5493

Longitude

-117.043

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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