The featured properties are situated on two contiguous lots with more than 15k sq ft and 4 units each. This allows prospective buyers to qualify for both residential and commercial lending. There are currently 8 existing 3-bedroom detached homes totaling over 10k sq ft of livable space with ample parking, courtyard, and private yard and patio areas. Both lots are zoned LCR3 and can easily be combined or subdivided depending on the owner’s needs. This opportunity boasts a pro forma cap rate of over 11% and an opportunity to develop 30 units at 50k/door. A developer dream; the property is priced at $138/foot and 187k/door. Call now as this opportunity will not last long.
• Side by side 4-unit buildings
• Can qualify for both residential and commercial lending
• (2) 15k+ sq foot lots with major development potential
• (8) 3-bed,1-bath detached homes with ample parking. Each unit has a gated yard and patio area.
• Total of 30,945 sq ft of R3 zoned land. It could be developed into luxury townhomes, warehouses, or 30+ units of affordable housing.
• Pro Forma 11% Cap, $187k per unit, & only $138 per sq ft