615 North Avenue, Vista, California 92083, Vista, 92083 - bed, bath
ACTIVE$935,000
615 North Avenue, Vista, California 92083
0Bed
0Bath
1,472Sqft
806,774,784Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Significant Development Potential: The property offers substantial expansion opportunities, allowing for the addition of 2 more shop units or up to 6 units if the existing home is demolished, maximizing land use and future income.
Top Cons:
Unpermitted Shop Units: The existing shop units are currently unpermitted, posing significant legal, financial, and regulatory risks, including potential fines, demolition orders, and substantial costs for compliance.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
Built in 1948 (77 years old).
Condition: The property was built in 1948, making it 76 years old, with no indication of major renovations in the past 50 years. The listing description explicitly states that the 'home can be demolished' for redevelopment into additional industrial units, indicating that the property's value is based solely on the land and its potential for redevelopment, aligning with the criteria for a tear-down.
Year Built
1948
Close
-
List price
$935K
Original List price
$935K
Price/Sqft
$635
HOA
-
Days on market
-
Sold On
-
MLS number
SW25201399
Home ConditionTear down
Features
View-
About this home
Property is zoned R-1 but will be Industrial. Consists of a single family home and a junior ADU, and 4 prefabbed shop units (square footage is house only) An additional 2 shop units can be added or home can be demolished and additional 6 units can be added. Projected annual net income is $180,000 (10 shops at $18,000 per year NNN). Owner is retired and willing to sell for substantially less than projected value. Shop units are unpermitted presently. Year built is an estimate.
Condition Rating
Tear down
The property was built in 1948, making it 76 years old, with no indication of major renovations in the past 50 years. The listing description explicitly states that the 'home can be demolished' for redevelopment into additional industrial units, indicating that the property's value is based solely on the land and its potential for redevelopment, aligning with the criteria for a tear-down.
Pros & Cons
Pros
Significant Development Potential: The property offers substantial expansion opportunities, allowing for the addition of 2 more shop units or up to 6 units if the existing home is demolished, maximizing land use and future income.
High Projected Income Stream: With a projected annual net income of $180,000 from 10 NNN leased shop units, the property presents a strong investment for cash flow and long-term profitability.
Strategic Zoning & Mixed-Use: Currently zoned R-1 but designated for Industrial use, combined with its mixed-use sub-type, offers unique flexibility for commercial development and significant value appreciation.
Existing Income-Generating Structures: The presence of a single-family home, a junior ADU, and 4 existing prefab shop units provides immediate rental income and diverse utility options for an investor.
Motivated Seller Opportunity: The owner's willingness to sell for 'substantially less than projected value' indicates a potential for a favorable acquisition price and strong return on investment.
Cons
Unpermitted Shop Units: The existing shop units are currently unpermitted, posing significant legal, financial, and regulatory risks, including potential fines, demolition orders, and substantial costs for compliance.
Zoning Transition Uncertainty: While designated for Industrial use, the property is currently zoned R-1, implying a potentially complex, costly, and uncertain process to achieve full industrial permitting and use.
Age of Primary Residence: The main single-family home, built in 1948, is an older structure that may require significant maintenance, updates, or could be a candidate for demolition to realize the full industrial potential, incurring additional costs.