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