697 Ocean View, Encinitas, California 92024, Encinitas, 92024 - 4 bed, 3 bath
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Encinitas, California 92024
This Prime Coastal Development Asset is a High-Potential Investment Opportunity listed at $2,100,000—positioned well below the $2,450,000 Fair Market Value by 14%. This valuation gap provides $350,000 in Instant Equity for buyers ready to leverage the 0.51-acre lot and SB9 lot split potential. Currently holding a Fair Condition Rating, the property features three existing units and partial coastal views west of I-5. Located within the prestigious San Dieguito Union district, this strategic acquisition is ideal for Developers or Contractors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 697 Ocean View Subject | $1,999,999* List Price | 4 | 3 | 1,622 | $1,118 | - |
A 869 Eugenie Avenue Sold | $2,342,000 | 4 | 3 | 2,002 | $1,170 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Marketed as a 'contractor or development opportunity,' this 1953 property features dated kitchens, bathrooms, and systems that require substantial rehabilitation. While currently functional, the structures show significant age-related wear, and the listing emphasizes the land's SB9 redevelopment potential over the existing improvements.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 22215, living area = 1622.
The expansive half-acre lot combined with SB9 eligibility offers a rare opportunity for a lot split or the construction of multiple single-family homes in a high-demand coastal zone.
Situated west of the I-5, this property is within walking distance to world-class beaches, the Coaster station, and the vibrant downtown Leucadia corridor, ensuring long-term appreciation.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =22215, other record lot size in square feet = 22100. Living area discrepancy between mls listing and other public or private record. mls listing living area = 1622, other record living area = 720. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 1.
Originally built in 1953 and marketed as a contractor opportunity, the existing structures likely require significant modernization or total redevelopment to meet current luxury standards.
The main residence is relatively small at 1,020 square feet, which may feel restrictive for owner-occupants who are not prepared to immediately expand or rebuild.
Rare Contractor or Development Opportunity! Located west of I-5 in beautiful Leucadia, this half-acre property offers exceptional potential in a prime location. Create your ideal coastal compound, maximize income potential or build your dream home by the beach. The SB9 (Home Act) may allow two single-family homes and lot to be split into two parcels. The light and bright 2/1, 1020 sq ft main residence is surrounded by a spacious deck and inviting outdoor patio with built-in fireplace, perfect for relaxing or entertaining. There are two detached secondary units on the property including a 650 sqft 1/1 and a 270 sqft converted 1/1 + loft garage. The property includes raised garden beds, avocado, pomegranate and citrus trees and solar. Located near the vibrant downtown Leucadia corridor, walking distance to gorgeous beaches, the Coaster, Farmers Market, Orpheus dog park and 1.5 miles to Encinitas Ranch Golf Course. Property was recently appraised at $2,450,000! This is the opportunity you have been waiting for.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 1,622 | 2,358.5 | 18% |
| Lot Size | 22,215.6 | 7,284.5 | 86% |
| Price | $2.00M | $2.22M | 39% |
| Price per sq ft | $1.2K | $983 | 77% |
| Built year | 1953 | 1986 | 4% |
| HOA | $0 | $0 | 50% |
| Days on market | 75 | 111 | 30% |
Mar 27, 2026
$1,999,999
$2,100,000
-5% Price Drop
Initial Listing
Feb 6, 2026
$2,100,000
Initial Listing
Oct 22, 2010
$570,000
Public Record