Welcome to paradise at this super beach-proximate South Ocean Beach stunner, an eight (8) unit apartment property located at 4961-67 Coronado Avenue, just steps from the coast and 1.5 blocks from beach access at Santa Cruz Cove Beach. Also walking distance to Newport Avenue retail and Sunset Cliffs Trails,… Read More the “OB Farmhouse” boasts about as good of a coastal rental location as one can ask for. Comprised of all one-bedroom/one-bathroom units that average +/-410 SF in size, and featuring nine (9) surface off-street parking spaces, this property has undergone a beautiful transformation over the past several years via capital improvements, repairs, and bringing rents to market. Recent property upgrades include: installation of new dual-pane vinyl windows; electrical system upgrades; roof repairs; and unit interior renovations. Perched upon a +/-6,700 SF lot with good elevation above sea level relative to the immediate area, the single-story structure has +/-3,280 SF of rentable building area, and was built in/around 1955 of wood frame construction upon an elevated foundation with a pitched shake-shingle roof. The OB Farmhouse has attractive curb appeal, including recently repainted stucco exterior, modern signage, and some hardscape with tasteful drought-tolerant landscaping. These efficient units are separately metered for gas and electricity, operating on city trash services. The astute premium market multifamily investor may look to keep this as long-term rentals and perhaps update their maximum rental potential further by adding some form of laundry on-site. One may also consider operating one or more units as short-term rentals as permitted by local code, given this highly desirable beach proximate location, and the dearth of affordable short-term lodging in the South Ocean Beach area. Nine parking spaces is also a huge plus in this highly parking-constrained area! Read Less
Property listed by Palma Commercial, Joseph Burrough 858-352-6742
Listing Snapshot
Days Online
109
Last Updated
Property Type
Mixed Use
Lot Size
0.16 Acres
MLS Number
250016931SD
30 Days Snapshot Of 92107
$1.47M
-7%
(avg) sold price
7
-63%
homes sold
45
-38%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
1 building, Construction materials: Frame, Stucco
Expenses
Operating expense: $69,065
Heating
WallFurnace
Income
Net operating income: $134,736
Lot
0.1594 acres, 6,943 square feet, Size: 6,943
Parking
9 totals parking
Roof
Shake
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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