4011 15 Mississippi St, San Diego, California 92104, San Diego, - bed, bath

home-pic
ACTIVE$2,950,000
4011 15 Mississippi St, San Diego, California 92104
4Beds
3Baths
1,988Sqft
7,001Lot
Year Built
1940
Close
-
List price
$2.95M
Original List price
$2.95M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
250022221SD
Home ConditionTear down
Features
Patio
View-

About this home

Imagine the potential of owning a prime piece of North Park, just 1.5 blocks from the iconic Lafayette Hotel, where timeless charm meets modern vibrance. This exceptional development opportunity is perfectly positioned to capture the essence of urban living, blending style, convenience, and sophistication right in the heart of one of San Diego’s most desirable neighborhoods. Envision a sleek, five-story building offering 49 contemporary loft-style units, each thoughtfully designed to appeal to the modern urban dweller. With a well-balanced mix of spacious one-bedroom and chic studio apartments, this project promises to deliver an elevated living experience that will attract renters seeking both luxury and location. Plans for this remarkable development are expected to be ready to issue by Q2 of 2025, providing a streamlined path toward bringing this vision to life. Future residents will enjoy the convenience of being just moments away from the best that North Park and San Diego have to offer — from boutique shopping and renowned dining to entertainment and cultural experiences that define the area’s unique appeal. This is more than just a real estate development; it’s an opportunity to create a lifestyle destination that stands out in the bustling North Park scene. Now is the time to seize this extraordinary chance to shape the future of urban living in San Diego.

Price History

Date
Event
Price
03/20/25
Listing
$2,950,000
Condition Rating
Tear down

The property was built in 1940, making it over 80 years old. The MLS description explicitly markets this as an 'exceptional development opportunity' to 'Envision a sleek, five-story building offering 49 contemporary loft-style units,' with plans expected to be ready by Q2 2025. This language strongly indicates that the value is in the land and its redevelopment potential, not the existing structure. Furthermore, there are no interior images provided, which is a common indicator that the current interior condition is not a selling point and likely requires demolition or extensive rehabilitation beyond repair. The property's age and the clear intent for redevelopment align perfectly with the 'tear-down' criteria.
Pros & Cons

Pros

Prime Development Location: Strategically situated just 1.5 blocks from the iconic Lafayette Hotel in North Park, a highly desirable and vibrant urban neighborhood known for its amenities and appeal to modern dwellers.
High-Density Development Potential: Approved plans for a sleek, five-story building with 49 contemporary loft-style units (studio and one-bedroom) maximize the land's value and cater to current market demand.
Streamlined Development Path: Plans are expected to be 'ready to issue by Q2 of 2025,' significantly reducing the initial planning and approval timeline for a developer.
Strong Rental Market Appeal: The proposed unit mix and location are designed to attract renters seeking luxury and convenience in a bustling urban environment, promising strong occupancy rates.
Lifestyle Destination Creation: Opportunity to create a distinctive living experience that stands out in North Park, appealing to a demographic valuing urban sophistication and accessibility.

Cons

Significant Capital Investment Required: The listed price is for the land and existing structure; substantial additional capital will be needed for demolition, construction, and associated development costs for a 49-unit project.
Extended Timeline to ROI: Despite advanced plans, the full development cycle (demolition, construction, and lease-up) will span several years, delaying the realization of return on investment.
Inherent Development Risks: The project is subject to typical development risks including potential construction delays, cost overruns, market fluctuations during the build-out phase, and final permitting contingencies.

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