421 Cypress Ave, South San Francisco, CA 94066

Property Description

Rare entitled development site in the heart of Downtown South San Francisco. 421 Cypress Avenue and 209 & 213 Lux Avenue form a three-parcel assemblage of approx. 0.584 acres. The site is zoned Downtown Transit Core (DTC) within the Downtown Station Area Specific Plan, roughly a quarter mile from the South San Francisco Caltrain station. The site is entitled for a 7-story, 85-foot mixed-use building. The approved project has 99 residential units, approx. 142,252 SF gross building area (FAR 4.70), 93,940 SF net rentable, 1,500 SF of ground-floor retail and 99 parking stalls. The unit mix is 6 studios, 12 one-bedrooms, 56 one-bedroom + dens, 9 two-bedrooms and 16 two-bedroom + dens, with 15 units designated below market rate. Significant upside: a stacked bonus under California's State Density Bonus Law could potentially yield approx. 180-210 units, with 165-185 units suggested as a practical planning target. Buyer to independently verify eligibility and feasibility. The site is currently improved with five occupied apartments (1 studio, 4 one-bedroom), a leased parking lot and a vacant 8,941 SF restaurant building at 421 Cypress. Four apartments are month-to-month and one is leased through 8/19/2027. Excellent regional access: approx. 7 minutes to SFO, 8 minutes to BART and 20 minutes to San Francisco's Financial District, with quick access to Hwy 101, I-280 and the Peninsula/Silicon Valley employment base. Do not disturb tenants; contact listing agent for access. Buyer to verify all information, including entitlements, square footage and occupancy.