344 Prospect St
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344 Prospect St
5 Unit Apartment Building $4,400,000 ($880,000/Unit) 2.69% Cap Rate La Jolla, CA 92037
Investment Highlights
- The property has central heating and individual hot water heaters.
- Some units have westerly ocean facing windows.
- The building has secure access, storage, and private deck patios.
Executive Summary
344 Prospect is a once in a lifetime opportunity to purchase a true A+ location with significant value add opportunity at below $1000 / sq. ft (based on list price). The asset has significant upside in rental income thru more proactive management and modernizing interiors. The property may also lend nicely to an owner occupant who chooses to personally enjoy the penthouse while renting the remaining 4 units to subsidize the mortgage and expenses.
Property Facts
| Price | $4,400,000 | Apartment Style | Low Rise |
| Price Per Unit | $880,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.09 AC |
| Cap Rate | 2.69% | Building Size | 4,637 SF |
| Gross Rent Multiplier | 21.91 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1961 |
| Property Type | Multifamily | Parking Ratio | 0.86/1,000 SF |
| Property Subtype | Apartment |
| Price | $4,400,000 |
| Price Per Unit | $880,000 |
| Sale Type | Investment |
| Cap Rate | 2.69% |
| Gross Rent Multiplier | 21.91 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 4,637 SF |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 0.86/1,000 SF |
Unit Amenities
- Storage Space
- Deck
Site Amenities
- Controlled Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $4,225 | 683 - 844 |
| 1+1.5 | 1 | $7,200 | 1,528 |
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Walk Score ®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 350-400-28 | Improvements Assessment | $498,673 |
| Land Assessment | $222,045 | Total Assessment | $720,718 |
PROPERTY TAXES
Parcel Number
350-400-28
Land Assessment
$222,045
Improvements Assessment
$498,673
Total Assessment
$720,718
zoning
| Zoning Code | R3 |
| R3 |
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344 Prospect St
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