7421-25 La Jolla blvd - La Jolla Village - 5 Existing Units/Mixed Use 5 Unit Apartment Building Offered at $2,400,000 at a 1% Cap Rate La Jolla, CA 92037

*Price just reduced + Seller Financing Now Offered!* This uniquely well-located multifamily property/redevelopment site in La Jolla sits just 3.5 blocks from Marine Street Beach, on a prominent commercial/mixed-use thoroughfare, within walking distance to top-tier schools, shopping, dining, beaches and parks.
Currently featuring five (5) +/-1950s-era single-story units, buildings/interiors are mostly in need of a complete overhaul, to be able to capture upper market rents for the area. 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) small studios); Two (2) 1Br/1Ba units; and One (1) 2Br/1Ba unit. There are three (3) surface off-street parking spaces in the front.
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.