Dolphin Drive Coastal Lots
The subject is a 0.46-acre site at 226, 244 and 258 Dolphin Drive in Whitethorn, California. It is comprised of three separate parcels adjacent to each other. The sites face the Pacific Ocean and slopes slightly towards the ocean. The subject enjoys almost 164 feet of oceanfront in total. There is a cliff drop to the waterfront. The sites are close to the end of Dolphin Drive which is the location of Little Black Sands Beach. The owner is considering combining the three sites and constructing a hospitality development with a restaurant. While the proposed commercial use is feasible based on zoning, the most similar comparables are being developed as single-family homes. As such, we have both a commercial and residential market analysis and are concluding the highest and best use as single family residential development. A premium has been given to the value of the subject to reflect the synergy of the lots being combined to develop a larger commercial development.