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$9,500,000

Est. payment - /mo

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22 Beds

15 Baths

8,400 SqFt

New

483 Sturtevant DR Sierra Madre, CA 91024

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The Brandon Drew Group

financing@tbdgmortgage.com +1(909) 944-8800

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Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 8,400 sqft

Price per Sqft $1,130

MLS Listing ID 25557095

Bedrooms 22

HOA Y/N No

Year Built 1923

Lot Size 2,448 Sqft

Property Description

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*

Location

State CA

County Los Angeles

Area 656 - Sierra Madre

Zoning SRR1-CUP*

Interior

Heating Wall Furnace

Fireplace No

Appliance Dishwasher, Dryer, Washer

Exterior

Parking Features Carport, Driveway, One Space, Uncovered

Total Parking Spaces 1

Building

Story 1

Entry Level One,Two

Level or Stories One, Two

New Construction No

Others

Senior Community No

Tax ID 5764017006

Special Listing Condition Standard

Listed by Douglas Steinriede Dover Management Corp.

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