$3,150,000
●
House -
Off Market
1221 Virginia Way
La Jolla, CA 92037
4 Beds
2 Baths
2,327 Ft²
$17,176
Est. Monthly
About This Property
In the heart of La Jolla Village, a rare street-to-street parcel
spanning Virginia Way to Olivet Street pairs a beautifully
renovated main residence with uncommon long-term versatility. Few
Village properties combine turnkey living today with approvals and
groundwork already in place for what comes next. The
1,749-square-foot, 4-bedroom, 2-bath home is updated and move-in
ready, centered around a welcoming living room with wood-burning
fireplace, oak flooring, and an open kitchen and dining area that
flows directly to a private outdoor entertaining patio with fire
pit, BBQ, and dining space. Recent improvements include central
heating and air conditioning, tankless water heater, new roof,
refreshed bathrooms, and full-size LG washer and dryer. Outdoor
spaces include a fully enclosed front yard framed by a white picket
fence, custom brick herringbone patio, lawn, mature landscaping,
and a private rear patio supporting effortless indoor-outdoor
living. The driveway accommodates tandem parking. A 578-square-foot
separate structure on the Olivet Street side has been substantially
prepared, accompanied by plans and approvals for redevelopment
including a proposed 1,523-square-foot residence with subterranean
garage and a 773-square-foot ADU, along with a nearly complete SB9
lot split. Proven rental history provides established income
potential alongside future expansion or redevelopment
opportunities.
Unit Size
2,327 Ft²
Days on Market
103 days
Land Size
0.13 acres
Price per sqft
$1,503
Property Type
House
Property Taxes
-
HOA Dues
-
Year Built
1948
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Cap Rate
100% Occupancy
N/A (extreme outlier) What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Last updated: 4 months ago (SDMLS #260005824SD)
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jun 23, 2026 | Sold | ||
| Sold | |||
| May 21, 2026 | In contract | - | |
| In contract | |||
| Apr 10, 2026 | Price Decreased |
$3,498,000
↓ $500K
(12.5%) | |
| Price Decreased | |||
| Mar 12, 2026 | Listed by Berkshire Hathaway HomeServices California Properties | $3,998,000 | |
| Listed by Berkshire Hathaway HomeServices California Properties | |||
| Aug 1, 2025 | Listed | $3,195,000 | |
| Listed | |||
| | |||
|
Truly exceptional location, in the heart of La Jolla! This beautifully renovated 4-BR, 2-BA single family home (with no HOA) exudes sophisticated coastal style & grace. Open & serene feeling throughout. The welcoming living room features wood-burning fireplace. Tastefully updated open plan kitchen with adjacent dining area, connecting to the outdoor entertaining patio, with fire pit, BBQ, & outdoor dining area. Turn-key & freshly renovated with oak floors, beautifully updated kitchen & bathrooms, new central heat & A/C, new full size LG washer/dryer upstairs, new tankless water heater & new roof. Charming & private front yard is fully fenced, with entry gate, custom brick herringbone patio, lush green lawn, gorgeous roses & magnolia tree. Walk to the village, world class shopping, fabulous eateries, farmers market, art galleries, & La Jolla elementary (less than 1/2 mile away)! Enjoy easy access to a multitude of renowned beaches, tide-pools, and the iconic La Jolla Cove. Exceptional proximity to La Jolla's world-class amenities, all just minutes from your doorstep! The fully fenced front yard & private back patio - make for effortless indoor-outdoor living, designed with low maintenance in mind. Driveway easily accommodates two tandem cars. A rare opportunity to own a move-in ready home, in one of La Jolla’s most sought-after neighborhoods. Turn-key and gorgeous 4 bedroom, 2 bathroom single family home in the heart of La Jolla! This home has been tastefully renovated and exudes coastal style and grace. Walk to La Jolla Village, world class shopping, fabulous eateries, farmers market, art galleries, & La Jolla elementary (less than 1/2 mile away)! Enjoy easy access to a multitude of renowned beaches, tide-pools, and the iconic La Jolla Cove. Exceptional proximity to La Jolla's world-class amenities, all just minutes from your doorstep! This is more than just a home, it's the lifestyle you have been waiting for!
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Property Highlights
Air Conditioning
Fireplace
Building Info
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
About Northern San Diego
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Listed by: Maxine Gellens, Berkshire Hathaway HomeServices California Properties
Last Updated: 4 months ago
Data Source: CRMLS, MLS# 260005824SD
Last Updated: 4 months ago
Data Source: CRMLS, MLS# 260005824SD
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