
Carlsbad, California 92008
Exceptional Coastal Carlsbad Investment Opportunity | 4594 Cove Drive Rare opportunity to acquire an exceptional three-residence property in one of Carlsbad's most desirable coastal communities. Offering an impressive 4,744 square feet of combined living space, this distinctive triplex combines the comfort and spaciousness of individual residences with the financial advantages of a premier multifamily investment. Thoughtfully configured with three generously sized residences, the property features two spacious 2-bedroom, 2-bathroom units measuring approximately 1,373 and 1,171 square feet, along with an expansive 3-bedroom, 3.5-bathroom residence offering approximately 2,200 square feet. The larger floor plans provide a level of space and flexibility rarely found in traditional multifamily properties. Currently generating $11,089 in monthly rental income, or $133,068 annually, this property offers an established income stream with the opportunity for long-term appreciation in Carlsbad's highly sought-after real estate market. Ideally situated in a desirable North County San Diego location, residents enjoy convenient access to Carlsbad's beautiful beaches, coastal lifestyle, exceptional dining, shopping, recreational amenities, and major transportation routes. Whether you're a seasoned investor seeking a distinctive addition to your portfolio or a buyer exploring the benefits of a multifamily property with potential owner-occupancy flexibility, 4594 Cove Drive presents a compelling combination of location, generous living spaces, and investment appeal. An exceptional opportunity to own three substantial residences in one of Southern California's most desirable coastal communities. Properties offering this combination of size, established income, and location are a valuable addition to any real estate portfolio.
Property is move-in ready.
Built in 1993, this property is well-maintained and shows clear evidence of recent cosmetic updates. The interior features modern wood-look flooring, fresh neutral paint, and updated ceiling fans. While the building is over 30 years old, the interior condition suggests a renovation within the 5-15 year range, making it move-in ready and functional for tenants.
Elementary School: Kelly Elementary School (9/10). High School: Sage Creek High School (9/10).
The property generates a robust monthly rental income of $11,089, providing immediate cash flow and a solid foundation for long-term appreciation in a premier coastal market.
Unlike typical multi-family investments, this triplex features expansive floor plans, including a 2,200 sq. ft. primary residence, offering rare flexibility for owner-occupancy or high-end rentals.
With a list price of $3.95 million against the current gross income, the capitalization rate is relatively low, which may deter investors seeking aggressive immediate returns.
Given the large building footprint of 4,744 square feet on a 5,662 square foot lot, there is minimal private yard space for tenants, potentially limiting appeal for those prioritizing outdoor living.
No exterior & parking available.
Grades K-5 • 0.8 mi
Grades 6-8 • 0.9 mi
Grades 9-12 • 1.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 5.0 |
| Baths | 0.0 | 3.5 |
| Square foot | 4,744 | 2,481 |
| Lot Size | 5,662.8 | 10,069.85 |
| Price | $3.95M | $1.57M |
| Price per sq ft | $833 | $706 |
| Built year | 1993 | 1980 |
| HOA | $324.0 | $93 |
| Days on market | 11 | 63 |
Oct 14, 2026
$3,950,000
Initial Listing
May 31, 2013
$1,500,000
Public Record