907 Cleveland StOceanside, CA 92054

Property Details for 907 Cleveland St

Year built

1960

Lot size

0.31 AC

Property size (Sq ft)

2,129 SF

Zone code

R-3:RESTRICTED MULTIPLE

Property type

Retail properties

Property subtype

Retail space

APN

150-371-14-00

APU

1503711400

Description

This exceptional 2,129 square foot industrial property, located at 907 S Cleveland Street in Oceanside, California, presents a compelling multifamily development opportunity. Situated in a highly desirable coastal location, this property boasts remarkable proximity to key amenities. Just four blocks from the Pacific Ocean to the west, two blocks from South Coast Highway to the east, and only one mile from the Oceanside Pier to the north, this location offers unparalleled convenience and appeal. The property sits on a 13,148 square foot lot currently zoned R-3, allowing for the construction of up to 13 new residential units, according to the City of Oceanside's zoning ordinance. Developers can build up to 35 feet in height, or three stories, whichever is less. The property is currently occupied by a month-to-month tenant operating a car repair business, generating a monthly income of $3,120. This presents a unique opportunity for developers to acquire a well-located property with existing income while pursuing a lucrative multifamily development project. The asking price for this prime Oceanside property is $2,200,000. This represents a significant investment opportunity in a thriving coastal community. The property's strategic location and development potential make it an attractive proposition for discerning investors and developers seeking a high-return investment in a desirable coastal market.

• CAP approach

  CAP return

  Valuation

  6%

  $656,021

  6.5%

  $605,558

  7%

  $562,304

• Comparable approach

  Method

  Valuation

  Relative Method

  $868,305

  Geo Method

  $1,888,347

• Alternative Use

  Use

  Valuation

  Residential

  $510,811

  Hospitality

  $467,900

  Educational

  $389,287

  Medical

  $402,675

  Retail

  $605,558

Location Insight

City

Oceanside

County

San Diego

State

California

Latitude

33.1864

Longitude

-117.374

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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