Village Of La Jolla Development Opportunity: 7154 Eads Avenue $1,599,000

7154 Eads Avenue is a flexible investment opportunity in a prime location with great potential.

The lot is 7,248 Square Feet, is zoned R2 and goes from Eads to Mabel Bel Lane

Currently there is a duplex and a two car garage on the property. Two meters & structures.  See photos and details below.

Option #1 – Development

The best value of this property would be to develop two large townhomes or a great single family house.  Several previous sales with this type of lot/zoning have done this recently.

Option #2 – Remodel & Raise Rents 

Another option would be to update the units and raise rents to current market rates. This option could allow you to live in one unit and rent out the other.

Option #3 – Remodel & Do Vacation Rental/ Use as 2nd Home

You could also remodel the units and rent them as vacation or seasonal rentals and use as a 2nd home.  This gives you an interim options while still have the chance to develop in the future.

Situated at the south end of the village you are close enough to walk to restaurants, shopping, amenities and the beach.

The front unit has 2 bedrooms, 2 bathrooms, with a laundry room and office area that opens up into a spacious back yard with an elevated patio deck which has a partial ocean view. The unit is currently rented and generates $2,000/month which is well below current market rates.

Ocean View and Potential

These views were taken from the roof of the back unit’s laundry room/storage room. You can also see the neighbor’s 2nd story which has taken advantage of the potential to build up and maximize the ocean view. A developer can look into capturing the full potential of this property

Alley Access and Plumbing for All 3 Buildings

From the rear entrance you have a two car garage set back from the alley, with additional parking available behind both of the buildings in the rear of the property. The back unit is a 1 bedroom 1 bath with a yard and storage/laundry room. The back unit is currently rented and generates $1,025/month. Each unit has their own electrical meter, water heater and laundry, and the 2 living spaces are separated by a privacy wall with a lockable gate for access to the other unit if needed.

Here are more of the home’s specific features and details:

• 2 units, 3 buildings on property
• 2 bed/2 bath front unit with laundry and yard with ocean view deck
• 1 bed/ 1 bath back unit with a 2 car garage and laundry/storage room
• Village of La Jolla location with walkability and great school district
• Peak Ocean View with possible potential to build up – buyer to investigate
• 7,246 square feet of land zoned R2
• Currently generated $3,025/month in rental income 
• Alley/street access

See the complete listing at at this link. Visit 7154 Ead’s custom website at this link

For a virtual tour of 7154 Eads, check out this video: