Excellent investment/development opportunity. This property consists of 3 detached houses on a street-to-street 1 acre lot, zoned ''RN4'', which allows for the construction of 30-50 units per acre. This property is located within an opportunity zone, which may provide significant tax benefits. The 3 detached homes each have their own address. 38451 11th St E is a 1,400 sqft, 2 bed (plus a den) 1 bath home with a 2 car detached garage, currently rented at $1,663/month. 38456 10th Pl E is a 2 bed, 1 bath home, currently rented at $1,995. This unit was rehabbed/remodeled 1 year ago, and it recently received new windows. 38448 10th Pl E is a 1 bed, 1 bath home, currently rented at $924. This unit also recently received new windows. All 3 tenants are on month-to-month leases and are paying. This arrangement presents an excellent opportunity for investors with a variety of potential strategies. At the moment, the units produce good monthly cash flow. This cash flow can be increased by raising the rents over time or replacing the existing tenants. The detached garage can potentially be converted to an ADU for additional income. There is ample unused land on this property, which could allow for the construction of additional detached or attached units, while preserving the existing units. Finally, the existing units can be demolished, and a new 30-50 unit building can be constructed. A developer could potentially build an affordable housing community, leverage special affordable housing financing, and stack LIHTC tax credits and opportunity zone tax benefits, to create a highly profitable investment endeavor. In the meantime, while waiting for the project to be approved, the developer can collect rent from the existing tenants and avoid having ''dead money'' tied up in a vacant lot. This property is a great situation, as it sits on an acre of R4 land, while also kicking off monthly income. This is a rare combination, and an excellent opportunity.
Property Type(s):
Residential Income
|
Last Updated
|
2/26/2024
|
Year Built
|
1949
|
|
Community
|
Palmdale
|
Garage Spaces
|
2.0
|
|
County
|
Los Angeles
|
Additional Details
| AREA |
Palmdale |
| BUYER'S BROKERAGE COMPENSATION |
2.500 % |
| GARAGE |
Yes |
| LOT |
1.01 acre(s) |
| LOT DESCRIPTION |
Lot Over 40000 Sqft |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
1 |
| WATER |
Public |
| ZONING |
PDR3* |
Location
Listed with Castlestone Properties, Inc.
Based on information from CRMLS as of 4/26/24 11:08 PM PDT. The information being provided by CRMLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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