Prime coastal development opportunity west of I-5 and just south of Carlsbad Village. Rare R-2 zoned lot spanning approximately 6,913 sqft with alley access, offering strong potential for redevelopment, expansion, or income-producing improvements. Property consists of two detached structures: a 3 bed/1 bath main home (approx. 1,032 sqft) and a 1 bed/1 bath unit (approx. 576 sqft), along with a detached garage with additional storage. Clear upside for renovation or repositioning. Flat, usable lot with favorable layout and access, ideal for maximizing density or reconfiguring for higher returns. Current tenants are on month-to-month agreements, providing flexibility for future development timelines. Highly desirable coastal location just minutes from Carlsbad Village, beaches, dining, and retail. Opportunities like this, with zoning, lot size, and location, are increasingly rare.Tenant-occupied on a month-to-month basis. Built in 1922.