Currently Two Single Family Homes and one Duplex on
oversized 18k sqft lot. A large portion of the lot is
completely undeveloped and is already entitled and
fully approved for 4 more units (Two Duplexes) which
have permits Ready to Issue and buyer can begin
construction immediately.
One of the homes was completely remodeled in 2023
and is collecting $2,595 in rent. All tenants are quality
people and not only have zero issues but are
wonderful people to work with and pay rent on time.
Property is being offered at $1,650,000 which is
significantly cheaper than many four unit buildings
nearby that have sold with smaller lots and no
approved plans. The fully approved plans give a buyer
the immediate ability to significantly increase the cash
flow of the property. Bids are available by request.
Total construction cost for four units estimated $550k
and will return to buyer $10,800 monthly or $129,600
annually or a 23% annualized return on the new 4 unit
built. New construction buildings sell for an average of
$509k/unit.