344 Prospect Street, La Jolla, CA 92037 – 240027113SD

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Tracy Baker

tracy@tracybbaker.com +1(619) 507-4230

$ 4,400,000

Est. payment | -/mo

3,950 Sqft Lot

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$ 4,400,000

Est. payment | -/mo

Save Video Tour

3,950 Sqft Lot

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

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

Listed by Chris Robinson • Mango Tree Real Estate Corp.

+1(619) 507-4230

tracy@tracybbaker.com

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