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$ 9,500,000
Est. payment | /mo
22 Beds
15 Baths
8,400 SqFt
$ 9,500,000
Est. payment | /mo
22 Beds
15 Baths
8,400 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 8,400 sqft
Price per Sqft $1,130
MLS Listing ID 25557095
Bedrooms 22
HOA Y/N No
Year Built 1923
Lot Size 2,448 Sqft
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 656 - Sierra Madre
Zoning SRR1-CUP*
Interior
Heating Wall Furnace
Fireplace No
Appliance Dishwasher, Dryer, Washer
Exterior
Parking Features Carport, Driveway, One Space, Uncovered
Total Parking Spaces 1
Building
Story 1
Entry Level One,Two
Level or Stories One, Two
New Construction No
Others
Senior Community No
Tax ID 5764017006
Special Listing Condition Standard
Listed by Douglas Steinriede Dover Management Corp.