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$4,400,000
Est. payment /mo
3,950 Sqft Lot
UPDATED:
12/20/2024 06:25 PM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 240027113SD
HOA Y/N No
Lot Size 3,950 Sqft
Property Description
We are proud to present 344 Prospect, a rare coastal multifamily asset offering 5 apartment homes in one of SoCal's most desirable sub-markets, ocean views and a very special underutilized roof-top deck. Built in1961, this asset boasts elegant Beverly Hills style split-level construction with exclusive resident privacy, secure access interior hallways, on-site laundry, storage, interior corridor and reinforced rooftop deck with unlimited possibilities. Total building footprint per assessor records is 6,027 with interior living spaces totaling 4,637 after deducting hallways, etc. Units A &B have exterior patios off the rear doors of 162 and 133 square feet respectively (see detailed rent roll). The top floor's two (2) units were converted with permits to a single large 1500+ sq feet penthouse unit (unit E); ideal for an owner occupant or to remodel and rent out at a premium with the roof-top connection. The other units (A-D) have undergone modest interior upgrades over the years; however, opportunity exists to remodel to modern standards and significantly raise rents to luxury level. There is ample street parking along Prospect and La Jolla Blvd with 3 off-street spaces included in the front. The property has an easement in the rear allowing for ingress / ingress to Scripps Lane below and coastal access. 344 Prospect is a once in a lifetime opportunity to purchase a true A+ location with solid value-add opportunity at below $1000 / sq. ft (based on list price). The asset has ~ 15% immediate upside in rental income thru "new" proactive management and modernizing interiors.
Location
State CA
County San Diego
Area 92037 - La Jolla
Zoning R-3
Interior
Heating Forced Air
Fireplace No
Exterior
Total Parking Spaces 3
Others
Tax ID 3504002800
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
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Listed by Chris Robinson • Mango Tree Real Estate Corp.
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Tracy Thrower Conyers
Broker Associate, JD | License ID: 01712960
Broker Associate, JD License ID: 01712960