7421 La Jolla Blvd. San Diego, CA 92037

Located in La Jolla, this multifamily property and redevelopment site is situated 3.5 blocks from Marine Street Beach, on a commercial and mixed-use thoroughfare. The property is within walking distance of schools, shopping, dining, beaches, and parks. Currently, the property features five single-story units built in the 1950s. The buildings and interiors require improvements to achieve market rents. The property's value lies in the land and its redevelopment potential. It is located in the Complete Communities Coastal Height Overlay Zone, allowing for up to a 2.5 FAR (approximately 12,637 square feet) for new development, if guidelines are followed, including lower-income units. The base zoning is LJPD-4, allowing for about a 1.3 FAR build out by right, if all market rate units are desired. The current unit mix includes two studios, two one-bedroom, one-bathroom units, and one two-bedroom, one-bathroom unit. There are three surface off-street parking spaces in the front. This property presents an opportunity to acquire and re-develop a mixed-use asset in a coastal sub-market, near beaches, dining, and shopping. It is suitable for someone with their own business and the capacity to develop a storefront on a street, with multifamily units for income potential after build out. New construction at maximum allowable building height offers ocean view potential. A design that implements rooftop sunset and ocean view decks or balconies may be ideal to attract renters at top of market rents for the area. The location has a walk score of 87, making it very walkable, a bike score of 44, making it somewhat bikeable, and a transit score of 32, indicating some transit options.