1344 La Palma, Pacific Beach/Mission Beach, CA 92109

Property Description

Fantastic Pacific Beach 5 unit property - Less than one block from Mission Bay and Fanuel Street Park. This fully vacant five-unit property gives its next owner immediate control to renovate, reposition, and lease every residence at current market rents. Front Detached Cottage w/ a 4 unit building at the rear, with two parking spaces per unit, private patios/balconies, recent capital improvements, and a roughly 7,500-square-foot RM-2-5 site with additional development potential (opportunity up to 20+ units subject to verification with city). The property offers both near-term income upside and a compelling long-term strategy. See supplemental remarks. Less than one block from Mission Bay and Fanuel Street Park, 1344-1348 La Palma Street offers immediate rental upside together with a separate long-term development opportunity. All five residences are to be delivered vacant, allowing the next owner to complete improvements, attain market rental pricing, and coordinate lease-up on their own schedule. The property includes a detached front cottage (aprox 1100 sq.ft) and four residences in the rear building. The front cottage features a refurbished entry deck, updated kitchen, newer windows, A/C, skylight/solar-tube lighting, two full bathrooms, a walk-in closet, separate laundry room, storage, and a private rear patio. Its flexible floor plan may allow for a two-bedroom configuration * The rear building includes two lower one-bedroom residences (each about 500 sq.ft) with private patios and washer/dryer hookups, plus two upper two-bedroom residences (each about 600 sq.ft) with vaulted ceilings and private balconies. Interior improvements vary by unit and include newer laminate or tile flooring, updated countertops, subway-tile backsplash, granite kitchen counters, upgraded sinks, newer vanities, and tiled shower enclosures * Each residence has two allocated parking spaces. Portions of the existing landscaped area may provide additional parking potential * Recent property improvements include newer roofs on both structures, a replaced sewer line, newer water heaters, and a complete exterior repaint. * The approximately 7,500-square-foot RM-2-5 site also presents a separate redevelopment opportunity. Preliminary analysis identifies a primary conceptual range of approximately 15 to 19 units, with possibility for more. No development program is approved. Buyers must independently verify zoning, Complete Communities eligibility, Coastal requirements, affordability obligations, parking, unit count, rents, and physical feasibility.