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34051 Silver Lantern Street, Dana Point, California 92629, Dana Point, 92629 - 5 bed, 4 bath

34051 Silver Lantern Street, Dana Point, California 92629 home-pic-0
ACTIVE$2,950,000
34051 Silver Lantern Street, Dana Point, California 92629
5Beds
4Baths
2,412Sqft
3,964Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Prime Location & Walkability: Situated in the highly desirable Lantern Village, offering exceptional walkability to Downtown Dana Point, shopping, restaurants, parks, the harbor, beaches, and the ocean.
Top Cons:
Current Underperforming Rents: While an opportunity, the existing below-market rents mean the property's immediate cash flow is not optimized, requiring active management to realize its full income potential.

Compared to the nearby listings

Price:$2.95M vs avg $2.24M (+$710,000)89%
Size:2,412 sqft vs avg 2,460 sqft33%
Price/sqft:$1.2K vs avg $85889%

More Insights

Built in 1977 (48 years old).
Condition: The property, built in 1977, benefits from significant exterior upgrades completed in December 2020, including new windows, roofing, exterior paint, decking, and gutters, which bring these components to a good standard. However, there are no interior images provided, and the listing description does not mention any recent renovations to the kitchens or bathrooms. The property analysis notes the 'Age of Property & Potential System Updates' as a weakness, indicating that core systems may be original or older. Without evidence of interior updates, it's highly probable that the kitchens and bathrooms are outdated in style and features, requiring minor to substantial renovations to meet modern expectations. While the exterior is well-maintained, the unknown and likely dated interior components, especially in key areas like kitchens and bathrooms, place the overall condition in the 'Fair' category.
Year Built
1977
Close
-
List price
$2.95M
Original List price
$3.25M
Price/Sqft
$1,223
HOA
-
Days on market
-
Sold On
-
MLS number
PW25110110
Home ConditionFair
Features
Good View: Ocean
Deck
ViewOcean

About this home

Super duplex opportunity in the heart of Lantern Village, Dana Point! This property features a 3-bedroom, 2-bathroom upper unit all on one level, and a 2-bedroom, 2-bathroom lower unit, also all on one level. Both units have fireplaces in the living rooms and ceiling fans. The upper unit includes vaulted ceilings and a peek-a-boo ocean view from the deck. The 3-bedroom unit comes with a 2-car garage, and the 2-bedroom unit has a single-car garage. Both garage doors have been replaced and include remote openers. Each unit has inside laundry hook-ups. Major upgrades were completed in December 2020, including new windows, decking, roof, exterior paint, and gutters. Located close to Downtown Dana Point, shopping, restaurants, parks, the harbor, beaches, and the ocean. Also convenient to public transportation, freeway access, and the train station. The upper unit tenant is vacating after 14 years, and the current rent is significantly below market value - presenting an opportunity to secure a new market-rate tenant or occupy the unit as an owner. The lower unit is occupied by a long-term, reliable, and very friendly tenant who is also below market rent. Potential to add two ADUs above the existing garage without extensive city approvals (buyer to verify with the City).

Nearby schools

5/10
Richard Henry Dana Elementary School
Public,•K-5•0.6mi
6/10
Marco Forster Middle School
Public,•6-8•1.6mi
8/10
Dana Hills High School
Public,•9-12•0.7mi
Condition Rating
Fair
The property, built in 1977, benefits from significant exterior upgrades completed in December 2020, including new windows, roofing, exterior paint, decking, and gutters, which bring these components to a good standard. However, there are no interior images provided, and the listing description does not mention any recent renovations to the kitchens or bathrooms. The property analysis notes the 'Age of Property & Potential System Updates' as a weakness, indicating that core systems may be original or older. Without evidence of interior updates, it's highly probable that the kitchens and bathrooms are outdated in style and features, requiring minor to substantial renovations to meet modern expectations. While the exterior is well-maintained, the unknown and likely dated interior components, especially in key areas like kitchens and bathrooms, place the overall condition in the 'Fair' category.
Pros & Cons

Pros

Prime Location & Walkability: Situated in the highly desirable Lantern Village, offering exceptional walkability to Downtown Dana Point, shopping, restaurants, parks, the harbor, beaches, and the ocean.
Significant Value-Add Opportunity: Both units are currently rented significantly below market value, with the upper unit tenant vacating, presenting an immediate opportunity for market-rate income or owner-occupancy.
Recent Major Capital Improvements: Extensive upgrades completed in December 2020, including new windows, decking, roof, exterior paint, and gutters, reducing immediate maintenance concerns for a new owner.
ADU Development Potential: Potential to add two Accessory Dwelling Units (ADUs) above the existing garages, offering a substantial opportunity to increase rental income and property value (buyer to verify).
Desirable Unit Features: Both units are on one level, feature fireplaces, inside laundry hook-ups, and dedicated garages, with the upper unit boasting vaulted ceilings and a peek-a-boo ocean view.

Cons

Current Underperforming Rents: While an opportunity, the existing below-market rents mean the property's immediate cash flow is not optimized, requiring active management to realize its full income potential.
Age of Property & Potential System Updates: Built in 1977, despite recent cosmetic and structural upgrades, some core systems (e.g., plumbing, electrical, HVAC if not present) may be original or older, potentially requiring future investment.
ADU Verification & Investment Required: The potential for ADUs is a significant value-add, but it requires buyer verification with the city and substantial additional investment in time and capital to execute.

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