La Jolla Westwinds

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Address: 7601 Eads Ave, La Jolla, CA 92037, USA

Created date: December 16, 2024

Date last updated: December 16, 2024

Irreplaceable La Jolla Village Location
All 2-Bed/2-Bath Units Averaging 1,025 SF
All Units with Fireplaces, Washer/Dryers, and Most Units with Balconies/Patios
Turnkey, Pride-of-Ownership Investment
Immediate Upside in Rental Income: Comparable 2BR/2BA Units Nearby Renting for ~$5,000/month
Potential to Increase NOI by Adding a RUBS (Utility Reimbursement) Program, Charging for Gated Parking, and Offering Storage Units On-Site
Rarely Traded Sub-Market: Recent Condo Sales in Excess of $1,100,000 to $1,300,000 for 2BRs
98/100 Walk Score – “Walker’s Paradise”

Property Description

Marcus & Millichap is pleased to present for sale a unique opportunity to own a turnkey apartment building in The Village of La Jolla, CA. La Jolla is an absolute jewel in terms of its scenic coastal beauty, vibrant shopping, restaurants, and many different types of tourist attractions. La Jolla is a spectacular coastal community that attracts residents and tourists alike. Long-term ownership has spared no expense to upgrade and maintain the property. Available are 12 extremely well-maintained 2-Bed/2-Bath units that average approximately 1,025 square feet. Each unit has a fireplace as well as an in-unit washer and dryer. Tenants enjoy the lush, tropical courtyard as well as gated off-street parking and select units have private balconies or patios. This is a tremendous opportunity for an investor to add value by upgrading units over time to bring rents to market. Comparable upgraded apartments and condo units are renting for an average of $5,000/month. This desirable location is sure to provide long-term stability to any investor. The property is located three small blocks from the Pacific Ocean and one of the world’s most famous shopping districts on Prospect Street. Walk Score rates the property as a “Walker’s Paradise” with a score of 98 out of 100. With several schools, markets, businesses, bars, and restaurants, daily errands, for the most part, do not require a car. In addition, young professional tenants enjoy the convenience of being within walking distance of some of La Jolla’s most popular bars & restaurants. La Jolla, on average, has a temperature in the high 60’s to low 70’s and has about 270 days a year of sunshine making it consistently one of the most desirable places to live around the world.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
No. of Units:	12
Cap Rate:	3.58%
GRM /GIM:	17.89
Building Size:	12,298 Sq ft
Opportunity Zone:	No