216 Pajama Dr

Description

SB9 & ADU Development Opportunity. Located in the highly desirable Oceanside 92054 area, this 10,361-square-foot flat vacant lot presents an extraordinary development opportunity under California’s SB9 legislation. With RE-B single-family zoning allowing for 35% lot coverage, the property is approved for up to 5,072 square feet of dwelling space. Envision four detached, two-story homes, each offering three bedrooms, two and a half bathrooms, private backyards, and two-car garages. Once completed, the gross monthly rental income is projected to reach $25,000, making this property a compelling investment. The estimated remaining preconstruction and construction costs are approximately $1.5 million. Based on comparable sales in the area, the property is anticipated to be valued at $3.5 million upon completion. With a projected net operating income of $210,000 and a 5% capitalization rate, the estimated valuation rises to $4.2 million, ensuring an attractive return for savvy investors. The property is development-ready with confirmed utilities and infrastructure. SDGE is currently upgrading its equipment, fully funded, to allow for easy trenching of the electric connection via a confirmed easement with a neighboring property. The city has also verified that water access is conveniently located at the sidewalk. Additionally, geotechnical and environmental soil reports, as well as a recorded Record of Survey, have cleared the lot of any soil or boundary issues. This prime property provides a unique opportunity to create a high-value, SB9-compliant development in one of Ocean

Listing information courtesy of: Alexa Devaney, The Oppenheim Group 760-705-0968. *Based on information from the Association of REALTORS/Multiple Listing as of 02/11/2025 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.