Thank you
Mark Mestepey
Castlestone Properties, Inc.
818-993-0099
Excellent investment/development opportunity. This property consists of 3 detached houses on a street-to-street 1 acre lot, zoned ''Mixed Use 2 (MU2)'', which is a highly flexible zoning that allows for commercial and multifamily residential development. This property is also located within an opportunity zone, which may provide significant tax benefits. The 3 detached homes each have their own address. 38451 11th St E is a 1,400 sqft, 2 bed (plus a den) 1 bath home with a 2 car detached garage, currently rented at $1,663/month. 38456 10th Pl E is a 2 bed, 1 bath home, currently rented at $1,995. This unit was rehabbed/remodeled 1 year ago, and it recently received new windows. 38448 10th Pl E is a 1 bed, 1 bath home, currently rented at $924. This unit also recently received new windows. All 3 tenants are on month-to-month leases. This arrangement presents an excellent opportunity for investors with a variety of potential strategies. At the moment, the units produce good monthly cash flow. This cash flow can be increased by raising the rents over time or replacing the existing tenants. The detached garage can potentially be converted to an ADU for additional income. There is ample unused land on this property, which could allow for the construction of additional detached or attached units, while preserving the existing units. Finally, the existing units can be demolished, and a new multifamily and/or commercial project can be constructed. A developer could potentially build an affordable housing community, leverage special affordable housing financing, and stack LIHTC tax credits and opportunity zone tax benefits. In the meantime, while waiting for the project to be approved, the developer can collect rent from the existing tenants and avoid having ''dead money'' tied up in a vacant lot. This property is a great situation, as it sits on an acre of prime land, while also kicking off monthly income. This is a rare combination and an excellent opportunity.
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Unit No | Unit Key | Total Bath | Total Bed | Full Bath | Half Bath |
---|---|---|---|---|---|
1 | 1061720095 | 1 | 1 | 1 | 0 |
2 | 1061720095 | 1 | 2 | 1 | 0 |
3 | 1061720095 | 1 | 2 | 1 | 0 |
Water Source : Public
Sewer : Public Sewer
Year Built: 1949
Building Area Total: 2,680
None
None
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 1.0114
Lot Size Source: Assessor
Lot Size Square Feet: 44055
Original List Price: 795,000
Listing Contract Date: 2024-02-26
Listing Agreement: Exclusive Right To Sell
Parcel Number: 3015005037
Lease Term: Negotiable
Source Listing Status: Pending
Source Neighborhood: PLM - Palmdale
Postal Code Plus 4: 3850
Directions: 38451 is accessed off 11th St E. 38448 and 38456 are accessed off 10th Pl E.
Zoning: PDR3*
Source Property Type: Residential Income
Area: PLM - Palmdale
Property SubType: Triplex
Property Age: 75
Common Walls: No Common Walls
Structure Type: Triplex
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
Avenue L4, Palmdale, CA,93550 | $55,000 | -- | -- | -- | 55639 Sqft |
Vac/vic Avenue Q/55th Ste, Palmdale, CA,93550 | $65,550 | -- | -- | -- | 116224 Sqft |
Vac/10th Ste/vic Avenue, Palmdale, CA,93550 | $240,000 | -- | -- | -- | 80521 Sqft |
3 Street East And Palmd.., Palmdale, CA,93550 | $199,990 | -- | -- | -- | 24897 Sqft |
3 Street East And Palmd.., Palmdale, CA,93550 | $95,990 | -- | -- | -- | 3765 Sqft |
Vac/vic Avenue S8/vic D.., Palmdale, CA,93550 | $195,000 | -- | -- | -- | 582099 Sqft |
Between 30th St & 40th St, Palmdale, CA,93550 | $80,000 | -- | -- | -- | 55713 Sqft |
Vac/barrell Springs/vic.., Palmdale, CA,93550 | $175,000 | -- | -- | -- | 43385 Sqft |
10th St East / Vic Ave S, Palmdale, CA,93550 | $350,000 | -- | -- | -- | 90169.2 Sqft |
4500 E Palmdale Boulevard, Palmdale, CA,93550 | $1,300,000 | -- | -- | -- | 554400 Sqft |
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ByOwner last updated this listing 05/16/2024 @ 04:29
MLS: SR24039636
LISTED BY: Mark Mestepey, Castlestone Properties, Inc.
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.