925 W Main St, El Cajon, California 92020

$898,800

Bedrooms

0

Bathrooms

0

Square Feet

0 sqft

City

El Cajon

Status

Active

MAJOR PRICE REDUCTION!!! OWNER USER/LIVE WORK or REDEVELOPMENT MIXED USE!! Pic in tax records is incorrect and shows 2 parcels not just one. Each for sale individually. 925 W. Main Office/retail Live/Work unit has approx. 6-8 parking spaces,, fully fenced and frontage on W. Main St. with 1650 +/- SF building on .12 AC Lot or 5,198 +/- SF. This parcel has a long time tenant m-m paying $4700/month or a gross income of $56,400 which could help with expenses during the entitlement period for this parcel or a collection of parcels. ALL FOUR PARCELS INCLUDING THE DISCOUNTED PORTFOLIO SALE HAVE HAD A MAJOR PRICE REDUCTION>Seller has all four parcels on the market for $3,388,888 in a discounted portfolio sale. From the City to Seller: "We’re thrilled to announce a major revitalization of downtown El Cajon! The Downtown El Cajon Business Partners have teamed up with New City America – a nationally recognized urban revitalization firm – to re-energize our city’s historic heart. Leading the charge is Marco Li Mandri, the visionary best known for transforming San Diego’s Little Italy into a vibrant destination as well as the Third Avenue Village in Chula Vista. With over 30 years of experience revitalizing communities, Marco will serve as the new Executive Director for downtown El Cajon, bringing fresh ideas and proven expertise to Main Street." City of El Cajon advised us that AB 2011 and SB6 may allow for increased housing from the state level and to see if this industrial area and any conversions to residential units will allow for any variances in approval for additional units above the required mixed-use zoning set into place by City of El Cajon. ***Drone shows more than just this address, but also the other three parcels that may be acquired by one or more buyer. ALL FOUR PARCELS INCLUDING THE DISCOUNTED PORTFOLIO SALE HAVE HAD MAJOR PRICE REDUCTIONS> The seller owns the neighboring 3 parcels also shown in this drone. Assemblage would be to both west and east for a 4-parcel portfolio sale. This assemblage allows for a developer to acquire four parcels for a larger mixed-use development. Other parcels shown in drone are 927 W. Main Street, a vacant lot offered at $788,000 and 935 W. Main Street, a mechanics shop offered at $1,388,580 (listed, but off market as tenant has first right of refusal on Mechanics shop), and 939 W. Main Street, a vacant warehouse offered at $1,498,800. Seller is interested in a possible portfolio sale from corner of W. Main Street/Millar Avenue to the first dirt lot with the right buyer looking for a larger project totaling just over 21,000 SF with all four lots combined. Portfolio is offered at a discounted price of $3,388,888. THIS IS THE FIRST TIME IN 40 YEARS ALL FOUR OF THESE PARCELS ARE FOR SALE.