Property History
Property Type
Property Type
Property Subtype
Asking Details
Asking Price
Marketing Description
Prime coastal development opportunity west of I-5 and just south of Carlsbad Village. Rare R-2 zoned lot spanning approximately 6,913 sqft with alley access, offering strong potential for redevelopment, expansion, or income-producing improvements. Property consists of two detached structures: a 3 bed/1 bath main home (approx. 1,032 sqft) and a 1 bed/1 bath unit (approx. 576 sqft), along with a detached garage with additional storage. Clear upside for renovation or repositioning. Flat, usable lot with favorable layout and access, ideal for maximizing density or reconfiguring for higher returns. Current tenants are on month-to-month agreements, providing flexibility for future development timelines. Highly desirable coastal location just minutes from Carlsbad Village, beaches, dining, and retail. Opportunities like this, with zoning, lot size, and location, are increasingly rare.Tenant-occupied on a month-to-month basis. Built in 1922.
Property Type
Property Type
Property Subtype
Marketing Description
Prime coastal development opportunity west of I-5 and just south of Carlsbad Village. Rare R-2 zoned lot spanning approximately 6,913 sqft with alley access, offering strong potential for redevelopment, expansion, or income-producing improvements. Property consists of two detached structures: a 3 bed/1 bath main home (approx. 1,032 sqft) and a 1 bed/1 bath unit (approx. 576 sqft), along with a detached garage with additional storage. Clear upside for renovation or repositioning. Flat, usable lot with favorable layout and access, ideal for maximizing density or reconfiguring for higher returns. Current tenants are on month-to-month agreements, providing flexibility for future development timelines. Highly desirable coastal location just minutes from Carlsbad Village, beaches, dining, and retail. Opportunities like this, with zoning, lot size, and location, are increasingly rare.Tenant-occupied on a month-to-month basis. Built in 1922.
Property Type
Property Type
Property Subtype
Asking Details
Asking Cap Rate
Investment Highlights
- At 79% leased with below market rents, the property offers great stable cash-flow in Year 1 and is priced to a Year 3 stabilized cap rate of 8.88%.
- One ±8,174 SF vacant suite exists, which was recently put on the market. This size provides exceptional flexibility to target the most active and robust tenant segment in Carlsbad.
- Two in-place credit tenans
- (NYSE: DHI): Founded in 1978, DR Horton is America’s largest home builder with a market cap of over $20B. DR uses the subject building for its Continental Homes division which oversees its single-family homes business throughout Southern CA
- Owned by Global Merchants, CPS provides private label A/R servicing and portfolio management, enabling B2B lenders to appeal to a wider spectrum of commercial borrowers with a greater array of lending products.
- Building finishes include impressive lobbies, open floor plans, new bathrooms, abundant natural light through large windows which make the building a one of a kind property for tenants looking for an upgraded image at an affordable rent.
- s the leading North San Diego office submarket, Carlsbad has accounted for over 75% of North County’s absorption since 2017
- San Diego’s overall office fundamentals are healthier than ever evident by 33 of the 39 past quarters obtaining positive net absorption. Additionally, San Diego’s unemployment rate of 2.8% is at its lowest point since September 2000 and lower than CA and the nation. Furthermore, San Diego’s office rent growth outpaced both Los Angeles and San Francisco in 2017 - 2018. This trend is forecasted to continue through 2020.
Loan History
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