483 Sturtevant Dr Active Save Request In-Person Tour Request Virtual Tour
Sierra Madre,CA 91024
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,400 sqft
Price per Sqft $1,130
MLS Listing ID 25557095
Bedrooms 22
Year Built 1923
Lot Size 2,448 Sqft
Property Sub-Type Multi-Family
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;5764-017-009; 5764-017-029*
Location
State CA
County Los Angeles
Area Sierra Madre
Zoning SRR1-CUP*
Rooms
Other Rooms None
Interior
Heating Wall
Cooling Wall Unit(s)
Equipment Washer, Dryer, Dishwasher
Exterior
Parking Features Carport, Uncovered, Parking Space, Driveway
Garage Spaces 1.0
Building
Story 1
Others
Special Listing Condition Standard