The large majority of residential homes on the market for sale in Huntington Beach can be found on R1 lots. R1 is a building designation that is for the purpose on one residential structure that can be found or built on the residential lot. This is a common theme throughout many of the beach towns here in California as only one home can be designated to be built on a lot. There is another designation that is commonly referred to as an "R2 lot" which does allow for more than one structure to be built on a lot. This a very common designation for duplex properties as the R2 lot allows for two structures to be found on one lot.
Finding this type of R2 designation in a traditional single family neighborhood is very rare but will have some upside potential as well. First, if there are already two dwelling structures on the lot then there is the possibility of living in one while renting out the other. This allows for the owner to get additional rental income to help offset any mortgage and/or carrying costs. Currently there are two homes on the market that have the R2 designation. One is located at 2205 Florida street and features a large lot with the R2 zoning. According to the listing agent, the 9,900 square lot has the capacity "for developing up to 3 individual dwellings." The home itself features three bedrooms, two baths with 1,272 square feet with the buyers having the option of keeping the current structure and building additional units or scraping it and building a brand new structure in place of it. The location is ideally situated between the 405 freeway and the beach near the Huntington Central Park area. It's been on the market 1 day and is currently listed at $955,000.
There is also another home with R2 zoning located at 7837 Newman Avenue. This four bedroom, three bath home features 1,946 square feet and just came on the market two days ago and is located in the Newman Terrace neighborhood. According to the listing agent the home has been gutted and ready for a remodel. Due to the current nature of the home the seller is requesting that all transactions be cash only due to the difficult nature of getting a loan in it's current condition. It's listed for $6599,000 and has a prime location that's approximately a 10 minute drive to the beach. To learn more about buying a home similar to these two properties please contact any of our local Huntington Beach agents at 949-482-1313 today.
Huntington Beach 7837 Newman Avenue
CASH ONLY ---Kitchen and baths have been gutted in anticipation of construction. The kitchen is bare walls/everything has been removed. Baths have no vanities, sinks or toilets, only tubs are in place. Most shut off valves have been replaced in anticipation of remodel. Laundry room in garage. Garage is 1.5 with pull through door on back wall of garage. Three bedrooms up stairs and one hall bath. Lower floor has hall bath, half bath off of family room and one bedroom. Large Bonus room ...$659,250