Property
Beds
22
Full Baths
None
1/2 Baths
None
Year Built
1923
Sq.Footage
8,400
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*
Features & Amenities
Interior
-
Total Bedrooms
22
Area & Lot
-
Lot Size(acres)
0.0562
-
Property Type
Residential Income
Exterior
-
Garage
No
-
Parking
Carport, Driveway
Financial
-
Sales Price
$9,500,000
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Location
County
Los Angeles
Elementary School
Middle School
High School
Listing Courtesy of Douglas Steinriede , Dover Management Corp.
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