308 Orange AveCoronado, CA 92118

Property Details for 308 Orange Ave

Year built

1948

Lot size

0.24 AC

Property size (Sq ft)

4,378 SF

Zone code

R-4:MULTIPLE RESIDENTIAL

Property type

Hospitality properties

Property subtype

Hotels

APN

536-222-22-00

APU

5362222200

Description

This exceptional multifamily investment opportunity presents a 29-unit apartment building situated on a 28,198 square foot lot in the heart of Coronado, California. The property, located at 308 Orange Ave, boasts 22,700 square feet of space, encompassing six buildings and offering a mix of studio, one-bedroom, and two-bedroom units. Thirty off-street parking spaces are available for residents. The property is zoned R4 and features alley access. With a current asking price of $11,900,000, the property offers a pro-forma cap rate of 7.14% and a pro-forma NOI of $850,042. The price per unit is $410,344.83, and the price per square foot is $524.23. This fee-simple ownership opportunity is situated on a hard corner lot in a highly desirable area, within walking distance of the Coronado Ferry Center, numerous restaurants and breweries, Centennial and Speckles Parks, the Coronado Public Library, and highly-rated schools. The property benefits from its location on Orange Avenue, Coronado's main retail artery, and its proximity to world-renowned attractions such as Coronado Beach, the Hotel Del Coronado, and the Coronado Bridge. The surrounding area boasts a strong local economy, significant job growth, and a high average household income of $151,357 within a one-mile radius. Coronado's low vacancy rate and high barrier to entry make this a compelling investment opportunity for those seeking equity preservation and steady appreciation. The property's Walk Score of 87 reflects its convenient access to over 100 boutiques and shops along Orange Avenue, as well as a nearby public golf course and beautiful views of downtown San Diego. The Coronado Unified School District provides high-achieving K-12 institutions. This is a truly generational real estate opportunity in a prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,042,354

  6.5%

  $962,172

  7%

  $893,446

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,665,097

  Geo Method

  $3,621,173

• Alternative Use

  Use

  Valuation

  Residential

  $1,050,413

  Hospitality

  $962,172

  Educational

  $800,516

  Medical

  $828,047

  Retail

  $1,245,248

Location Insight

City

Coronado

County

San Diego

State

California

Latitude

32.6958

Longitude

-117.175

CBSA code

41740

CBSA name

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

Property Tax & Assessments

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