Property Detail
Description
This unique community features eight (8) charming 1-bedroom, 1-bath + den Spanish-style bungalows arranged around a serene courtyard on a spacious lot. Nestled on a quiet street just half a block from the iconic Christmas Tree Lane, the property is surrounded by mature trees and expansive grassy areas, creating a peaceful and inviting atmosphere. Over $540,000 has been invested in capital improvements, including upgrades to plumbing, roofing, and electrical systems all already completed. New ownership can subdivide the lot into three (3) separate parcels, allowing the opportunity to build eight (8) new ADUs across the site. These additions have the potential to generate approximately $386,400 in annual rental income. Upon ADU completion, the property can be stabilized at a 12.53% cap rate with a 6.71 GRM. Resident utility billing (RUBS) has been implemented to reduce operational costs, and the property is eligible for Mills Act designation, offering substantial potential property tax savings. Assumable financing available at 5.25%, with five years of interest-only payments remaining.
Map Location
Listing provided courtesy of Douglas Steinriede of Dover Management Corp.. Last updated 2025-06-26 08:11:36.000000. Listing information © 2025 CRMLS.
John Collins
DRE# 01948188
888 Prospect St. Suite 140
La Jolla, CA 92037
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858.252.0200
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Address
888 Prospect St. Suite 140 La Jolla CA 92037
Coldwell Banker Realty, CalBRE# 00616212
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