Skip To Content

308-330 Orange Ave

Coronado, CA 92118
  • $19,250,000
  • STATUS: ACTIVE
  • ON SITE: 26 Days
  • ID#: 220017903
UPDATED: 168 min ago
$19,250,000
  • 5
    BEDS
  • 0.6
    ACRES
  • 5
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

One of THE Legacy properties on The Crown Isle, welcome to DEL ISLAND! Introducing a truly cross-generational opportunity, the likes of which has not been seen in Coronado! This development site, which is easily recognized as one of the Landmark gateway properties when entering Coronado's main commercial district along Orange Avenue, offers exceptional possibilities. Currently housing 29 residential units with an excellent mix of studios, 1 bedrooms and 2 bedrooms, plus 30 off-street parking spaces. The location is just 2 blocks NE to the Bay and 4 blocks SW to the main commercial district, Spreckles park and schools, which invites a bevy of development possibilities. The property has been laced together over many decades and features 4 contiguous parcels totaling 26,000+ sf of highly coveted R4 zoning! Keep them as-is and remodel, or renew the Affordable Housing City Covenant, or wait until expiration in less than 4 years and develop a full market rate product. In all of San Diego County, you would be hard-pressed to find a prime urban and coastal development site like this that actually has a bonafide income stream, while you go through planning, design and permitting processes over the next few years. Or maybe... where better is there to just "Landbank" cash/equity than Coronado Island and leave as-is over the next number of years for perhaps estate legacy planning?

Monthly Payment Calculator

San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2022 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/130811516
Print Image

308-330 Orange Ave Coronado, CA 92118

  • Price: $19,250,000
  • Status: ACTIVE
  • On Site: 26 Days
  • Updated: 168 min ago
  • ID#: 220017903
5
Beds
5
Baths
0
½ Baths
0.6
Acres
Neighborhood:
Coronado (92118)
County:
San Diego
Area:
Coronado (92118)
Property Description
One of THE Legacy properties on The Crown Isle, welcome to DEL ISLAND! Introducing a truly cross-generational opportunity, the likes of which has not been seen in Coronado! This development site, which is easily recognized as one of the Landmark gateway properties when entering Coronado's main commercial district along Orange Avenue, offers exceptional possibilities. Currently housing 29 residential units with an excellent mix of studios, 1 bedrooms and 2 bedrooms, plus 30 off-street parking spaces. The location is just 2 blocks NE to the Bay and 4 blocks SW to the main commercial district, Spreckles park and schools, which invites a bevy of development possibilities. The property has been laced together over many decades and features 4 contiguous parcels totaling 26,000+ sf of highly coveted R4 zoning! Keep them as-is and remodel, or renew the Affordable Housing City Covenant, or wait until expiration in less than 4 years and develop a full market rate product. In all of San Diego County, you would be hard-pressed to find a prime urban and coastal development site like this that actually has a bonafide income stream, while you go through planning, design and permitting processes over the next few years. Or maybe... where better is there to just "Landbank" cash/equity than Coronado Island and leave as-is over the next number of years for perhaps estate legacy planning?
Exterior Features

Carports 1 Construction BlockDrywallFrameLath/PlasterStuccoOther/Remarks Exterior Remarks Parking Spaces Parking Spaces Total 30 Roof Other/Remarks Units With Garages 0

Interior Features

Cooling Other Floor Coverings Other/Remarks Floors Other/Remarks Heating Other/Remarks Sq Ft Of Improvement 22700 Stories 2 Story Unit Furnished1 No Unit Furnished2 No Unit Furnished3 No Units With Ranges 29 Units With Refrigerators 29

Property Features

Actual Gross Operating Income 320617 Actual Gross Scheduled Income 320617.0 Actual Operating Expense 179595 Assumable Finance 0 Complex Features None Existing Financing Other/Remarks Financial Information Source Limited InfoOther/RemarksOwner Gross Equity 17250000 Gross Multiplier 60 Have R4 Development /Apts Leased Apartments 29 Mandatory Remarks None Known Market Area South Bay Monthly Rent Total 27856 Motive Want Cash Out Other Income Actual 0 Other Income Amount 0 Other Income Source 0 Present Loan 2000000 Short Sale No Special Rent ControlSellers Are Re LicenseesOther/Remarks Sq Ft Source Owner Tenant Pays Electric N Tenant Pays Gas N Tenant Pays Water N Terms Cash Unit Number1 10 Unit Number2 1 Unit Number3 10 Unit Number4 8 Unit Type ApartmentDuplexFourplexOther/Remarks Zoning R4

San Diego MLS logo Listing provided courtesy of Exp Realty. Listing information © 2022 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2022 San Diego MLS, Inc. Licensed in the state of California.
 
https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_220017903-2.jpg https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_220017903-2.jpg https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_220017903-2.jpg
Logo
Neuman & Neuman Real Estate Inc.
516 5th Avenue
San Diego CA, 92101