535 537 1/2 Fern Glen 3, La Jolla, California 92037, La Jolla, 92037 - 5 bed, 5 bath
ACTIVE$5,900,000
535 537 1/2 Fern Glen 3, La Jolla, California 92037
5Beds
5Baths
3,174Sqft
7,500Lot
Year Built
1951
Close
-
List price
$5.9M
Original List price
$5.9M
Price/Sqft
$1,859
HOA
-
Days on market
-
Sold On
-
MLS number
250023052SD
Home ConditionGood
Features
View-
About this home
Possibly Over-Priced:The estimated price is 24% below the list price. We found 3 Cons,5 Pros. Rank: price - $5.90M(82th), sqft - 3174(64th), beds - 5(74th), baths - 5(73th).
Triplex Investment Opportunity in Beach Barber Tract – just a short walk to the beach. Located halfway between Windansea Beach and The Village of La Jolla, and just a short stroll to La Jolla High School, this three-unit complex has been recently renovated and includes lovely outdoor spaces, upgraded kitchens, and great natural light. Multiple opportunities include leasing all three units, building up to 5 units, or developing your dream home. The cottage was built new in 2010, and the front duplex underwent a top-to-bottom renovation down to the studs that same year.
Condition Rating
Good
The property underwent a significant 'top-to-bottom renovation down to the studs' in 2010, and a new cottage was built the same year. This renovation timeline (15 years ago from the listing date) aligns perfectly with the 'Good' condition criteria. The images showcase upgraded kitchens with modern stainless steel appliances, contemporary cabinetry, and stylish backsplashes. Hardwood flooring is prevalent throughout, and light fixtures are updated. The overall appearance is well-maintained and move-in ready, with no immediate repairs or updates visibly required.
Pros & Cons
Pros
Exceptional Investment Versatility: The property offers a rare triplex structure with options for leasing all units, expanding to five units, or developing a dream home, providing significant flexibility and income potential.
Premium Coastal Location: Situated in the highly desirable Beach Barber Tract, it boasts excellent walkability to Windansea Beach, La Jolla Village, and La Jolla High School, enhancing its lifestyle appeal and long-term value.
Extensive Recent Renovations: The complex underwent substantial renovations in 2010, including a new cottage and a top-to-bottom renovation of the duplex, ensuring modern amenities and reduced immediate capital expenditures.
Multi-Unit Income Potential: As a three-unit complex, it provides immediate rental income opportunities, making it attractive to investors seeking cash flow in a prime market.
Significant Redevelopment Upside: The potential to build up to five units or a custom dream home on the 7500 sqft lot offers substantial future value appreciation and customization options.
Cons
Substantial Price Discrepancy: The current list price of $5.9M is 24% above the property's estimated value of $4.43M, potentially indicating an aggressive pricing strategy that could lead to longer market time or require a price adjustment.
Age of Primary Structure: While renovated, the main duplex was originally built in 1951, which may raise concerns about the age of unseen infrastructure or require more extensive due diligence compared to newer constructions.
Lack of Detailed Unit Breakdown: The listing does not specify the individual unit configurations (e.g., number of bedrooms/bathrooms per unit), which could be a hurdle for investors needing clear data to project rental income and operational costs.