216 Pajama
About This Property
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 2, 2025 | Sold | ||
| Sold | |||
| Oct 14, 2025 | In contract | - | |
| In contract | |||
| Sep 25, 2025 | Listed by David Santistevan | $700,000 | |
| Listed by David Santistevan | |||
| Jul 23, 2025 | In contract | - | |
| In contract | |||
| May 23, 2025 | Listed | $699,000 | |
| Listed | |||
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The subject property holds immense potential and presents a prime development opportunity under SB 9 or SB 1123. The City of Oceanside has confirmed the lot qualifies for SB 9, which allows a buyer to build two primary residences and two detached ADU’s for a total of four detached units. The City has also confirmed the lot will qualify for SB 1123 which goes into effect July 1, 2025, and would allow up to 10 units on the lot. Buyer to confirm all plans with the City. The property is in an excellent location just east of Downtown Oceanside and less than 2 miles to the beach. It is surrounded by amenities and provides access to I-5 and the 78 Freeway serving Orange County and San Diego.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017