This is the first time this property has ever been on the market. The seller's father built this property in 1965.This 28 unit, 23,128 SqFt multifamily property sits on a 24,034 SqFt lot (0.55 acres), and it has a great unit mix of (2) Studio Units, (16) 1 Bed Units, and (10) 2 Bed units. The average unit size is over 800sqft, with all of the 2 bed units have at least 1.5 bathrooms. The property offers on-site laundry, a swimming pool, and ample parking of 26 parking spots (only the two studios do not get a parking spot). The sellers have already gone through the process of getting RTI approved plans for the mandatory retrofit work. We received an estimate that this property's retrofit will cost $138,780, and the buyer has until late 2023 to complete this work. Furthermore, we had an ADU specialist analyze this property, and a buyer would be allowed to add up to 9 ADUs to this property alone (7 attached ADUs and 2 detached ADUs). A savvy buyer would be able to combine the cost of the retrofit and ADUs by building these ADUs where the tuck under parking is, which will lower the total costs and maximize added value for the buyer. Lastly, there have been many recent upgrades to the property including 4 recently renovated units, recent plumbing upgrades, and a full roof replacement in January 2021. The 4 remodeled units are currently vacant and will be left vacant for marketing purposes. The buyer may choose to leave them vacant at close of escrow or lease them up during escrow.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
