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$2,500,000
Est. payment /mo
5,052 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 260003819SD
HOA Y/N No
Lot Size 5,052 Sqft
Property Sub-Type Mixed Use
Property Description
We are excited to offer for sale a superbly located multifamily property/redevelopment site in La Jolla, just 3.5 blocks from Marine Street Beach, on a prominent La Jolla commercial/mixed-use thoroughfare, within walking distance to top-tier schools, shopping, dining, several beaches and parks. Currently featuring five (5) 1950s-vintage single-story units, buildings/interiors are in need of some improvement in order to be able to capture upper market rents relative to the area, yet the true value lies in the land and its redevelopment potential. The Property sits in the Complete Communities Coastal Height Overlay Zone, allowing for up to a 2.5 FAR (or a max building size of +/-12,637 SF) for new CCHS development, if the proper guidelines adhered to, including some lower income unit(s). Base zoning is LJPD-4, allowing for about a 1.3 FAR build out by right, if all market rate units are desired. Current unit mix consists of: Two (2) studios); Two (2) 1Br/1Ba units; and One (1) 2Br/1Ba unit. There are three (3) surface off-street parking spaces in the front. This is a rare opportunity to acquire and re-develop a mixed-use trophy asset in one of California's most coveted ultra-premium coastal sub-markets, just steps from world class beaches, dining, and shopping. Great for someone with their own business and the capacity to develop a class 'A' storefront on a prominent La Jolla street, with ideally situated multifamily units for strong added income potential after full build out. Ocean view potential via new construction at max. allowable building height. Ocean view potential upon full build out to maximum allowable building height. A design that may implement rooftop sunset/ocean view decks/balconies seems ideal, in order to capture discerning top-tier La Jolla renter clientele, at top of market rents for the area.
Location
State CA
County San Diego
Area 92037 - La Jolla
Zoning LJPD 4
Interior
Heating Wall Furnace
Fireplace No
Exterior
Roof Type Composition
Total Parking Spaces 3
Others
Tax ID 3505920700
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
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Listed by Joseph Burrough Palma Commercial #02014504
NEARBY SCHOOL & BUSINESS
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