National City vacant lot eyed for apartments, sells for $1.15M

Posted by on Nov 10, 2016 in Blog | No Comments
National City vacant lot eyed for apartments, sells for $1.15M

KirE Homes has purchased a vacant lot in National City for $1.15 million with plans to turn it into a 31-unit apartment complex, according to Lee & Associates, the real estate firm that facilitated the deal.

The nearly 1 acre site, about 1,000 feet from the Sweetwater River, was listed for sale for $619,000 in October. The 19,898 square-foot lot has a max density of 48 apartments, according to promotional materials from Lee & Associates.

There are single-family homes east of the site and it is near the South Bay Volkswagen and the Keystone Trailer and RV Park. There were two homes on the site that will be demolished.

The first, at 130 E 31st St., was sold by previous owners, James and Lillian Quenga, in March 2012 for $115,000 to Morena Valley-based corporation Dolfinas Legacy, according to property records. It was then purchased by San Diego-based corporation Pathfinder Raintree Residential for $170,000 in May 2012.

The second, at 48 E 31st St., has been owned by a family trust and members of the family since 1987, according to property records. The property’s total assessed value was $156,653 in 2016.

“San Diego County is experiencing tremendous growth in the multi-family sector,” said Al Apuzzo of Lee & Associates in a news release. “With this growth, we are starting to get a lot more interest from developers looking to build multi-family residential properties. The sites offered an excellent addition to KirE Homes’ apartment portfolio.”

Article By: Phillip Molnar – Contact Reporter / SD Union Tribune