Prospect Ave Santee, CA 92071

Property Details for 0 Prospect Ave

Property type

Land

Property subtype

Industrial properties

Description

This exceptional 1.34-acre commercial land parcel in Santee, California (San Diego County, zip code 92071), offers a compelling investment opportunity. Priced at $975,000, this fee-simple property boasts a projected 10.46% pro-forma cap rate and a $102,000 pro-forma NOI. The land is zoned IL and comprises two parcels: Parcel 1 (APN 384-410-76-00) measures 31,798 square feet, and Parcel 2 (APN 3385-410-20-00) encompasses 26,571 square feet. The property benefits from preliminary FAA approval for storage/equipment parking use, falling within the Gillespie Field Overlay Zone and designated for light industrial purposes. Convenient ingress and egress are available on the west side, with potential east-side access. Triple net lease options exist, with a combined rate of $8,500 monthly, or individual lease rates of $3,719 (Parcel 1) and $4,451 (Parcel 2). While located in the Gillespie Field Compatibility Zone, it's crucial to note that the Gillespie Community Land Use Plan restricts new building construction due to avigation easements. Prospective buyers should independently verify all information with the FAA, San Diego County, and the City of Santee. An adjacent parcel, previously used for two single-family residences, may also be available for purchase. Detailed zoning information can be found in the Gillespie Community Land Use Plan (Page 32) and the Gillespie Field Compatibility Plan (Pages 71-72, 107-112). This property presents a unique chance to capitalize on San Diego County's dynamic commercial market. The price per acre is $1,048,872.

Location Insight

City

Santee

County

San Diego

State

California

Longitude

-116.972

Latitude

32.8312