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483 Sturtevant Drive, Sierra Madre, CA 91024
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483 Sturtevant Drive
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  • MLS#: 25557095 ( )
  • Street Address: 483 Sturtevant Drive
  • Viewed: 2
  • Price: $9,500,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1923
  • Bldg sqft: 0
  • Days On Market: 18
  • Additional Information
  • County: LOS ANGELES
  • City: Sierra Madre
  • Zipcode: 91024
  • Provided by: Dover Management Corp.
  • Contact: Douglas Douglas
  • California Regional MLS IDX
  • DMCA Notice
  • 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*
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Features
Appliances
  1. Dishwasher
Building Area Total
  1. 8400.00
Country
  1. US
Heating
  1. Wall Furnace
Laundry Features
  1. Washer Included
  2. Dryer Included
Levels
  1. One
  2. Two
Netoperatingincome
  1. 421586.00
Number Of Buildings
  1. 12
Parcel Number
  1. 5764017006
Parking Features
  1. Carport
  2. Uncovered
  3. Parking Space
  4. Driveway
Postalcodeplus4
  1. 1342
Sourcesystemkey
  1. 25557095:CLAW
Totalexpenses
  1. 183879.00
Year Built
  1. 1923
Zoning
  1. SRR1-CUP*