Property Detail

Description

Behold 4956-64 Santa Cruz Ave. San Diego, CA 92107, an exceptionally well-located eight (8) unit multifamily property on a larger than typical lot for the area, ideally situated just 1 block from Santa Cruz Cove Beach, within the premium/coastal South Ocean Beach sub-market. Residents here also enjoy being within walking distance to the best area dining/retail/shops on/near Newport Ave. (4 blocks), as well as the iconic OB Pier (4 blocks). The unit mix consists of seven (7) one-bedroom/one-bathroom units, four of which are freestanding single story cottages (each with generous private outdoor areas), and one (1) three-bedroom/one-bathroom unit. There are four (4) functional garages, one storage room, and a laundry room on-site. The main property entry off of Santa Cruz Ave. has a short brick/stucco pony wall, beyond which are front lawns, tasteful perimeter landscaping, and a concrete walkway down the middle that leads to the units. Constructed on a 10,500+ SF lot, 4956-64 is improved by mostly single-story cottage-style buildings, and one two-story building towards the rear of the lot near the alley. All buildings are built of wood-frame construction on concrete on grade foundations, with flat roofs. The apartments are separately metered for gas and electricity, and the property is presently on city trash. Some windows have been replaced with dual-pane vinyl. Interiors are estimated to be clean yet dated, with basic appliance packages and wall heat, providing an opportunity for an investor to renovate the units to a higher-end product, similar to others nearby. Possibilities for adding density to this property may include new construction ADUs, renovations/additions with additional ADUs, and or garage to ADU conversion(s). Given the maximum building height within the (San Diego) coastal zone is 30 feet, an opportunity exists on this large/underutilized lot, to build up in a manner that would add significant value via blue water ocean views from some units. Additional options for accelerating revenue growth could include converting one or more of the cottage-units to short term rentals upon any future turnovers, as the property is just 1 block from the idyllic cove beach at the end of Santa Cruz Ave, boasting sandy beach areas, reefs, tide pools and coastal trails. There is a dearth of affordable lodging in this highly sought after South OB/Sunset Cliffs area. Given the extremely desirable coastal location of this asset, coupled with the fact that it has more than typical land per unit, allowing for several ADU construction and/or conversion options, the astute long-term investor will find value in the ability to command top of market rents via a modernization of this well-situated property. This is a very rare and unique opportunity, held by the same ownership for well over forty years for good reason!