805 41st St

DEVELOPMENT opportunity in Mt Hope.​ Plans approved for four detached two story homes pending a lot split via SB9.​ This property will be shovel ready within 8-12 months via SB9 and final approval.​ Existing house is a 3bed/1bath single family home PLUS 2 Car Garage on a 7,100 square foot corner lot.​ Currently the property is rented for $2,700 to long term tenants on a month-to-month lease.​ See confidential remarks for square footage info.​ Short drive to downtown.​ Near Costco.​ Centrally located on a corner lot!

805 41st St

This deal is a single family home 3bed/1ba 1040 square feet on title but existing tenants added on 400sqft of unpermitted square footage.​ Current tenant pays $2700 per month in cash for rent.​

The play here is to utilise SB9 - to do a lot split.​ (This will require you to 'live' there for 3 years) scrape existing structures, and the buildout the 4 houses as laid out in the plans.​

It will take ~6 months to SB9 split the lot from the day you apply (ie from close of escrow date)

Existing plans attached will transfer they are in process pending a lot split.​

Once the lot is split, it will take 1-3 more months to have permits approved with the attached plans for 4 structures on 2 lots.​

Essentially you can be shovel ready as soon as 9-12 months after close of escrow and collect rent in the mean time.​

Deal cost estimates:

$779K Acq Cost

$1.5M Project cost

$2.3M All in

3.7M ARV today as 4 new construction residential structures

DO NOT WALK ON THE PROPERTY OR DISTURB TENANTS.​ tax record reads 1060 sqft.​ Tenant added about 400sf (a room and a bath) as additional square footage on the house - permits unknown.​ Project buildout estimated cost is $1.45M.​ The information contained herein has been obtained from sources believed to be reliable.​ South Coast Commercial INC does not provide any warranties or guarantees.​ Buyer to verify that all information in listing is correct.​ Sale requires cash or private financing.​