323 Hill Dr, Vista, California 92083, Vista, 92083 - 3 bed, 2 bath
ACTIVE$1,995,000
323 Hill Dr, Vista, California 92083
3Beds
2Baths
1,383Sqft
63,200Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 63200, living area = 1383.
Top Cons:
Significant Capital Requirement: The nearly $2 million list price, coupled with substantial development costs, necessitates a considerable initial investment.
Compared to the nearby listings
Price:$2.00M vs avg $818.0K (+$1,177,000)98%
Size:1,383 sqft vs avg 1,543 sqft36%
Price/sqft:$1.4K vs avg $53098%
More Insights
Built in 1955 (70 years old).
Condition: Built in 1955, this property is aged. While the kitchen has some updated stainless steel appliances and recessed lighting, it features very dated tiled countertops and backsplash. The bathroom is significantly outdated with original-looking peach/pink tiled shower and basic fixtures, indicating no recent renovation. The house is functional and currently rented, but requires substantial cosmetic updates to meet modern standards.
Year Built
1955
Close
-
List price
$2M
Original List price
$2M
Price/Sqft
$1,443
HOA
-
Days on market
-
Sold On
-
MLS number
250041272SD
Home ConditionFair
Features
View-
About this home
Huge Development Opportunity in West Vista. Home plus very large lot totaling 1.45 acres, currently being split into two lots. Build 5 homes on the lot and keep the current house for rental income, or develop the entire property. Currently approved for 6 homes with ADUs around 3700sqft each. Owner prefers to sell these lots with nearby listing 233 Hill Dr. Anticipated profit of both is around $10M. Tenant currently paying $3,950 & can stay or go. 227 Hill Dr is also available.
Nearby schools
5/10
Grapevine Elementary School
Public,•K-5•0.3mi
/10
Olive Elementary School
Public,•K-5•0.9mi
5/10
Temple Heights Elementary School
Public,•K-5•1.6mi
5/10
Madison Middle School
Public,•6-8•1.7mi
7/10
Rancho Buena Vista High School
Public,•9-12•2.5mi
Condition Rating
Fair
Built in 1955, this property is aged. While the kitchen has some updated stainless steel appliances and recessed lighting, it features very dated tiled countertops and backsplash. The bathroom is significantly outdated with original-looking peach/pink tiled shower and basic fixtures, indicating no recent renovation. The house is functional and currently rented, but requires substantial cosmetic updates to meet modern standards.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 63200, living area = 1383.
Exceptional Development Opportunity: Explicitly marketed as a 'Huge Development Opportunity' with current approvals for 6 homes and ADUs, offering substantial future value.
Large, Subdividable Lot: A generous 1.45-acre lot (63,200 sqft) that is already being split into two, providing ample space for multi-unit construction.
Pre-Approved Development Plans: The property comes with existing approvals for 6 homes with ADUs, significantly streamlining the development process and reducing associated risks.
Immediate Income Stream: The presence of a tenant generating $3,950/month offers immediate rental income, providing holding cost relief during the development phase.
High Profit Potential: Indicated by an 'anticipated profit of both [this and 233 Hill Dr] is around $10M,' suggesting a very strong return on investment for a developer.
Cons
Significant Capital Requirement: The nearly $2 million list price, coupled with substantial development costs, necessitates a considerable initial investment.
Age of Existing Home: The 1955-built home is older, likely requiring extensive renovation if retained or demolition if fully redeveloped, adding to project expenses.
Project Complexity: Developing multiple homes with ADUs is a large-scale undertaking, demanding significant time, resources, and expertise in project management and construction.