216 Pajama Dr

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