308-330 Orange Avenue, Coronado, CA, 92118
Offer Price:
$15,000,000
Cap Rate:
0.76%
Price/SF:
$660.79
Price/Unit:
$517,241
Gross Building Area:
22,700 SF
Lot Size:
28,198 SF
Status:
Active
Submarket:
Central, Coastal
Property Type:
Apartments, Land
Strategy:
Core
A 29-UNIT MULTIFAMILY PROPERTY WITH SIGNIFICANT DEVELOPMENT UPSIDE IDEALLY LOCATED THREE BLOCKS FROM THE PACIFIC OCEAN IN ONE OF THE NATION’S TOP BEACH CITIES, CORONADO, CA. CURRENTLY MASTER LEASED TO AFFORDABLE HOUSING OPERATOR.
The Bove Group of Marcus & Millichap is proud to present the “Del Island”, an exclusive opportunity to own a true legacy property in the heart of Coronado, California. Situated on 0.64 Acres in the highest density zoning of Coronado, 308-330 Orange Ave. offers a multitude of investment possibilities on both the existing and proposed structures.
Consisting of four contiguous parcels (8-lots), “Del Island” is currently operated as twenty-nine (29) Affordable Housing units comprised of studios, 1-bedroom, and 2-bedroom layouts with thirty (30) off-street parking spaces. Spanning 28,198 SF within the R-4 zoning of the Orange Avenue Corridor Specific Plan (OACSP), the proposed re-development envisions a luxurious ±26 unit residential condominium complex, with three and four-bedroom units.
Serving as the central retail artery of Coronado (stretching from the Bay to the Beach), Orange Ave. offers a remarkable opportunity for pride of ownership in a highly desirable location. Within a mere 0.4 Miles’ walking distance of the subject property, residents can enjoy proximity to local tourist attractions such as the Coronado Ferry Center amongst an array of breweries/eateries lining the main corridor. Moreover, the property benefits from its close proximity to Centennial and Speckles Park, the Coronado Public Library and esteemed local schools.
Coronado, incorporated in 1890, is a highly affluent neighborhood and one of San Diego’s most desired tourist destinations. With world-famous attractions such as Coronado Beach, Hotel Del Coronado, and the Coronado Bridge just minutes away, the area boasts unparalleled appeal for investors seeking equity preservation and steady appreciation. Moreover, Coronado is characterized by an extremely low vacancy rate and a high barrier to entry, making it an attractive investment opportunity.
In the past twelve months, new construction condo sales in Coronado have consistently exceeded the $1,500 per square foot ($1,500/sqft) threshold, with three and four bedroom units selling upwards of three million dollars ($3,000,000).
“Del Island” presents a phenomenal opportunity for investors seeking to leave a lasting mark on the iconic landscape of Coronado. Whether you choose to retain the existing units and embark on a value-add renovation project, renew the Affordable Housing City Covenant, or await its expiration in less than two (2) years to develop a full market-rate product, the possibilities are limitless. Contact The Bove Group today to learn more about this exclusive opportunity in one of Southern California’s most coveted markets.
Listed By:
Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 945-7094