Beautiful Spanish Home and Income Generating Guesthouse with $1.1mm in pending tax credits. Live steps from the beach and have your place pay you to live there. On one of the most coveted streets in Ocean Park, you’ll find this unique compound. A beautiful Spanish-style home to live in along with multiple, revenue-generating units (total of 5 dwellings with 11 bedrooms and 6 baths) on track to produce about $245K this year and (upon completion of planned improvements) $500K in 2024. The main house is 4 bed/2 bath, 2,100 sq. ft. Ten-foot ceilings and over 20 large windows give the space an open, airy, and bright feel. Front and back enclosed patios with lush foliage add to the vibe and provide space to relax or entertain. The main house is walled-in for privacy from the rest of the compound. Existing plans call for an addition of a master bath with a dressing room upstairs, and a 5th bedroom/office below. The compound features 3 additional structures: 1) Behind the main house is the two-story guest house with separate entry. It features a charming 1 bed / 1 bath downstairs. Upstairs is a 2 bed/1bath with a large private rooftop deck and a bonus room that can be used as a wet bar, 3rd bedroom, or laundry room. The roof features a nearly 360-degree view. 2) To the side of the main house, across the driveway are two, larger 2 bed / 1 bath apartments also with private entry. The Ground floor apartment features Spanish tile floors with front and back patios. Upstairs features bamboo floors and a charming balcony facing the street. 3) The rear building is set for demolition with architectural plans and financing in the works to add 4 new units (two 1br and two studios), a pool, barbeque area, covered outdoor lounge, and rooftop deck. a) Plans and expected financing will also cover: i) Various improvements to the grounds. ii) Solar and battery power for the entire property iii) Additional water storage iv) Additional wind protection for the new structure. Preparedness. This is one of the rare homes in the area that is NOT in a FEMA flood zone, it also features several systems for clean water, water storage, backup power and wind protection, with big upgrades pending. The property has been through major hurricanes with no flooding and minimal damage. The property features: - Backup Power: Two modest generators to keep the lights on. - Backup water: Two Cisterns with pumps for better water pressure. - Water Filtration: Whole house 4-stage water filtration for main house and downstairs guesthouse plus Under Sink Water Filtration in all units. - Wind: Hurricane shutters for the main house. Financials and a variety of due diligence documentation are available after an offer is made and accepted. The business is already operating and requires minimal oversight from the buyer. Property management and full rolodex for all maintenance and service providers is in place. Buyer will be purchasing the LLC which already owns the property, plans, and incentives, and is soon to be approved for financing of new construction and all planned improvements. This property may also qualify as a primary residence in PR to satisfy tax decrees. In order to view the property, prospective buyers must provide proof of funds. For serious inquiries only, contact the owner’s team directly at: (916) 502-6644 or by email at elijah@footprintsbh.com.
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