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$9,500,000
Est. payment /mo
8,400 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 8,400 sqft
Price per Sqft $1,130
MLS Listing ID CL25557095
HOA Y/N No
Year Built 1923
Lot Size 2,448 Sqft
Acres 0.06
Property Sub-Type Other
Property Description
Nestled against the San Gabriel Wilderness, Sierra Court Cottages offers an investor the opportunity to own a unique 15-cottage community spread across eight (8) parcels in Sierra Madre, totaling 31,712 square feet. The 15 cottages are comprised of various configurations and have been tastefully renovated to preserve the original artistic integrity of the site. Current ownership has invested nearly $1.2 million in capital improvements, including new electrical systems, plumbing, roofing, exterior work, and landscaping. Operating expenses are currently low due to the implementation of resident utility billing (RUBS) across the community, allowing new ownership to operate the asset at a sub-30% expense ratio. The site is eligible for the construction of six (6) ADUs, totaling 3,800 square feet of additional rentable space. Current ownership has initiated the planning process and completed a site survey for construction. By adding the six (6) ADUs, new ownership can achieve a return on construction costs of over 260%.Alternatively, new ownership could opt to sell each parcel individually before or after the ADU construction to realize a premium return on investment. *Listing includes APN #s - 5764-017-006; 5764-017-007;5764-017-008; 5764-017-026;5764-017-011; 5764-017-010;5764-017-0
Location
State CA
County Los Angeles
Zoning SRR1
Interior
Heating Wall Furnace
Fireplace No
Appliance Dryer
Laundry Dryer, Washer
Building
New Construction No
Others
Tax ID 5764017006
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Listed by Douglas Steinriede • Dover Management Corp.
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