Active

344 Prospect Street

La Jolla CA, 92037

$4,400,000


$948.89 per sqft

Active

5 Beds

4,637 sqft

Commercial

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.

240027113

MLS ID

November 19, 2024

Listed

November 23, 2024

Updated

Map

344 Prospect Street
La Jolla CA, 92037

Interior Features

Total Stories

3


Bedrooms

5


Appliances

Dishwasher, Range, Refrigerator, Disposal


Laundry Description

Owned


Floor Description

Concrete, Vinyl, Carpet


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Central Forced Air Gas

Exterior/Building Features

Lot Size

0.1 Acres


Lot Features

Landscaped


Roof

Rock/Gravel

Other Property Details

Area Name

Coastal South


Taxes

$53,904


Tax Frequency

Annually


Days on Market

22


Garage

No


Parking

Spaces


Parking Total

3


View

No


County

San Diego


Pool

No


Zoning

R-3

Listed by Mango Tree Real Estate Corp., Chris Robinson,
Listing Contact: 858-232-0945 

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Data last updated 3:10 PM UTC, 11/23/2024

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