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308 Orange Ave
Coronado, California CA92118

Property Description

Property TypeCommercial Sale
Property Sub TypeCommercial/Residential
CountySan Diego
StatusActive
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 28,000+ 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? Properties included in sale are: 1014-28 3rd St/APN#536-222-23-00 & 308 Orange Ave/APN#536-222-22-00 & 320-22 Orange Ave/APN#536-222-21-00 & 328-30 Orange Ave/APN#536-222-20-00. Amenities: None
Listing ID220017903SD
Price$19,250,000

Primary Features

County San Diego
Property Sub Type Commercial/Residential
Property Type Commercial Sale
Zoning R4

Interior

Cooling yes
Heating yes
Heating Type See Remarks

External

Carport Spaces 1
Construction Materials Block, Drywall Walls, Frame, Plaster, Stucco, Other
Parking Total 30

Location

Country US
MLS Area Major 92118 - Coronado

Additional

Days On Market 105
List Agent State License 01056969
Number Of Units Total 29
Parcel Number 5362222200

Financial

Current Financing Other
Gross Scheduled Income 320617
Net Operating Income 176095
Operating Expense 179595

Zoning Info

Home Valuation

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Listed by: Ken Pecus, DRE #01056969 from eXp Realty of California, Inc
Data services provided by IDX Broker