
Encinitas, California 92024
This Duplex Residential Income Asset represents a High-Potential Investment Opportunity, listed at $2,199,000—positioned above the $2,117,521 Fair Market Value. While currently priced at a premium, the property’s Fair Condition Rating and massive 11,282 sq ft lot offer significant upside through ADU development and modernization. Located steps from the highly-rated Paul Ecke-Central Elementary and near the San Dieguito Union district, this property is perfectly suited for Buy-and-Hold Investors or Owner-Occupants looking to leverage rental income in a prime coastal Leucadia location.
Property is moderate renovation needed.
Built in 1950 (74 years old), the property is functional and move-in ready with separate furnaces and meters, but lacks evidence of a recent major renovation. The description of a 'large eat-in kitchen' and the age suggest dated interiors that need modernization. While the exterior and roof appear maintained in aerial photos, the property's age and 'original' charm place it in the Fair category as it likely requires minor repairs and aesthetic updates.
Middle School: Pacific Trails Middle (10/10).
Situated in the heart of Leucadia, this property offers exceptional walkability to Stonesteps Beach, the vibrant 101 corridor's shops and dining, and the newly reconstructed Paul Ecke Central School.
The oversized 11,282 sq ft lot is a rare asset in this coastal pocket, providing ample space for ADU additions, property expansion, or the creation of private outdoor retreats.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 4.
Originally built in 1950, the property may require significant capital expenditure for modernizing systems and structural elements to meet contemporary luxury standards.
At nearly $1,480 per square foot, the valuation is heavily weighted toward the land value and location, which may present challenges for traditional financing appraisals based on the existing square footage.
Photos coming Saturday. Adorable single level duplex with an outstanding location in the heart of Leucadia. 532 Hermes is 2 Bedroom / 2 Bath, 534 Hermes is 1Bed+1Ba, located on a large 11,282 sq ft lot. This is the perfect opportunity to enjoy the Coastal lifestyle with the beach a short distance. Ideally situated by Paul Eke Elementary and the “El Portal underpass” making Stonesteps Beach access only mins away. French doors provide abundant natural light throughout the main dwelling unit making this home light & bright. Large eat in kitchen has plenty of storage for everything you could need. The one-bedroom unit has a private patio, generous sized living room and full kitchen. Each unit is separately metered except for a shared water meter. They each have its own washer & Dryer and furnace. Perfect set up for someone to live in main house and rent the other unit. Both are currently vacant. There are possible ADU opportunities should one wish to add additional units to the property. Lush landscaping consists of multiple avocado trees, orange & lemon fruit trees plus a fig tree and fenced garden area. The oversized lot offers endless possibilities to expand, add units, create private yards, or just enjoy the space. The new Paul Ecke Central School, which is currently under construction, is only steps away. This location cannot be beat with easy access to the vibrant 101 corridor and its many shops & restaurants.
No exterior & parking available.
Grades K-6 • 0.1 mi
Grades 7-8 • 3.2 mi
Grades 7-8 • 9.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 3.0 | 3.0 |
| Square foot | 1,487 | 2,087 |
| Lot Size | 11,282 | 5,059 |
| Price | $2.20M | $2.34M |
| Price per sq ft | $1.5K | $1.2K |
| Built year | 1950 | 1977 |
| HOA | $0 | $183 |
| Days on market | 2 | 127 |
Oct 23, 2026
$2,199,000
Initial Listing