483 Sturtevant Drive
Sierra Madre, CA 91024
0.73 acres | #PW23175309
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 maintain the original artistic integrity of the site. Current ownership has spent nearly $1.2 million on capital improvements including new electric, plumbing, roofing, exterior work and landscaping. Current operating expenses are 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 qualifies for the construction of six (6) ADUs totaling 3,800 square feet of rentable space. Current ownership has begun the planning process and completed a site survey for construction. By adding the six (6) ADUs, new ownership can recognize a return on construction costs of over 260%. Optionally, new ownership could choose to sell each parcel separately, before or after construction of ADUs, to recognize premium ROI.
Property Details
- Lot DescriptionItem1115UnitsAcre
- Property TypeMulti-Family
- Sewer InformationPublicSewer
- CountyLos Angeles
- Original List Price$9,500,000
- MLS #PW23175309
- MLS #PW23175309
- Property SubtypeMixedUse
- Cost9500000
- Utility SourcePublic
- Acres0.728
- Year Built1923
- Stories1
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Robert Stepp (#PSTEPROB)
Listing Office: Keller Williams - Santa Monica (#PB20859)
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