Homes for sale - 344 Prospect Street, La Jolla, CA 92037

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Jerrod Waller

jwaller@sdrealtyco.com +1(858) 822-8634

$4,400,000

Est. payment - /mo

3,950 Sqft Lot

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UPDATED:

12/20/2024 06:30 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Pending

Purchase Type For Sale

MLS Listing ID 240027113

Lot Size 3,950 Sqft

Acres 0.1

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 La Jolla (92037)

Zoning R-3

Interior

Heating Central Forced Air Gas

Flooring Vinyl, Wall to Wall Carpet

Laundry Owned

Exterior

Exterior Feature Cable Available, Fully Landscaped

Parking Features Spaces

Roof Type Rock/Gravel

Total Parking Spaces 3

Building

Story 3

Lot Size Range .25 Acres or less

Others

Acceptable Financing Cash, Cash to New Loan

Space Rent $200,808

Listing Terms Cash, Cash to New Loan

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Listed by Chris Robinson • Mango Tree Real Estate Corp.

“If you're looking for a dedicated and knowledgeable real estate professional who will go above and beyond to help you achieve your goals, I'm here to serve you. Contact me today to learn more about how he can assist you with all your real estate needs.”

+1(858) 822-8634

jwaller@sdrealtyco.com

170 Laurel St, Diego, CA, 92101, United States

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