Description

We are proud to present 344 Prospect, a rare coastal multifamily o?ering 5 apartment homes in one of SoCal’s most desirable sub-markets, ocean views and a very special underutilized roof-top deck. Built in1961, this asset boasts elegant Beverly Hills style split-level construction o?ering resident privacy with secure access interior hallways, on-site laundry, storage and an interior corridor. Total building footprint per assessor records is 6,027with interior living spaces totaling 4,637 after deducting hallways, etc. Units A &B have exterior patios o? the rear doors of 162 and 133 square feet respectively (see detailed rent roll). The top ?oor’s two (2) units were converted with permits to a large 1500+ sq feet penthouse unit (unit E); ideal for an owner occupant or to remodel and rent out at a premium with the roof-top connection. The other units (A-D) have undergone modest interior upgrades over the years; however, signi?cant opportunity exists to remodel to modern standards and signi?cantly raise rents. There is ample street parking along Prospect and La Jolla Blvd with3 o?-street spaces included in the front. The property has an easement in the rear allowing for ingress / ingress to Scripps Lane below and coastal access. 344 Prospect is a once in a lifetime opportunity to purchase a true A+ location with signi?cant value add opportunity at below $1000 / sq. ft (based on list price). The asset has signi?cant upside in rental income thru more proactive management and modernizing interiors.