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Listed by Mark Mestepey • Castlestone Properties, Inc.
$ 399,900
Est. payment | /mo
2 Beds
1 Bath
864 SqFt
$ 399,900
Est. payment | /mo
2 Beds
1 Bath
864 SqFt
Key Details
Property Type Single Family Home
Sub Type Detached
Listing Status Active
Purchase Type For Sale
Square Footage 864 sqft
Price per Sqft $462
MLS Listing ID CRSR25021804
Bedrooms 2
Full Baths 1
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1948
Lot Size 0.508 Acres
Property Sub-Type Detached
Property Description
Excellent investment/development opportunity at a very attractive price. Currently one of the lowest-priced single-family homes in Palmdale. This property sits on a half-acre, street-to-street lot with Palmdale's highest density RN4 zoning, which allows for 30-50 units per acre. Thus, this property could allow for 15-25 units on its half-acre lot. Currently, there is a single-family home on the lot. It is being rented for $1,550 per month to a longtime tenant. These tenants would like to stay long term, if possible. This property presents investors with a variety of potential strategies. The property currently produces good cash flow. This cash flow can be increased by raising the rent on the current tenants. Owing to California's new legislation regarding ADU's on multi-family zoned properties, multiple ADU's could be built on the excess land while retaining the original house. With its street-to-street lot, access to the rear ADU's would be easy on this property. Finally, the existing house could be demolished and a new 15-25 unit apartment building could be built. Additional density may be had through affordable housing exemptions, LIHTC financing and tax credits may be available, and this property is also in an opportunity zone for additional potential benefits. While waiting
Location
State CA
County Los Angeles
Interior
Cooling Evaporative Cooling
Fireplaces Type None
Fireplace No
Laundry None
Exterior
Pool None
View None
Private Pool false
Building
Story 1
Water Public
Schools
School District Antelope Valley Union High
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Adam Shoop
Broker Associate at Exp Realty | Lic# 1782227