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Key Details
Sold Price $7,500,000
Property Type Condo
Sub Type Apartment,Fourplex
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 230001876
Sold Date 08/14/23
Lot Size 0.401 Acres
Acres 0.4
Property Description
Rosemont at WindanSea, a rare double parcel 9-unit residential community located just yards from WindanSea Beach in La Jolla, CA. Built in 1923 (258 Rosemont upper house w/ units) & 1958 (242 Rosemont lower 4-plex), this offering is comprised of (258 Rosemont) one 3-Bed/2-Bath house, two 1-Bed/1-Bath units, two studios, three garages and the 4-plex (242 Rosemont) which are all spacious 2Bed/2Bath floorplans. The entire property has one water meter and has been operated as 1 community even though these could be broken into 2 separate properties with the addition of a new water meter / sewer line on the lower 4-plex; permits and City approval required. Total rentable square footage equals 7,475 on a total of 17,459 feet of land. Both parcels make up seven (7) lots ideally positioned for "half lot" new townhomes which have been built in the immediate neighborhood - see Plat Map for lot info. This presentation will be ideally situated for the following *: 1. Development a. Aggressive management while receiving rental income through permit and planning process. 2. Capital Infusion a. Upper 258 Rosemont lot based on allowable FAR with City. 4-plex units are in near original condition. 3. Homeowner a. Creates a compound/home on upper 258 parcel while capitalizing on the 242 Parcel 4- plex rental units. 4. Alternative Living a. Preservation minded rental owner to raise rents and/or implement short term rentals, or a hospitality / retreat angle. *buyer to verify all with City of San Diego and feasibility to develop
Location
State CA
County San Diego
Area La Jolla (92037)
Zoning RM 1-1
Interior
Heating Wall
Cooling Wall/Window, Other
Flooring Tile, Wall to Wall Carpet
Laundry Owned
Exterior
Exterior Feature Fully Landscaped, Part Fenced
Garage Carports, Garages, Spaces
Roof Type Composition,Tile
Total Parking Spaces 10
Building
Story 2
Lot Size Range .25 through .50 Acres
Others
Acceptable Financing Cash, Cash to New Loan
Space Rent $247,320
Listing Terms Cash, Cash to New Loan
Financing Cash
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Bought with Chris Robinson • Acre Investment Real Estate
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