Off Market Development Opportunity

Off Market Development Opportunity

Off Market Development Opportunity

My client will sell this now and is very motivated.
$8.4mm ask.
Approx 1 Acre.
 
No entitlements and the attached plans need to be redrawn as they are not ADA compliant (buyer should meet with the architects whom I am providing below). Also buyer needs to confer with the City as to what would be allowed on this site prior to making any offers to the owners. They will not allow for a long escrow with entitlement contingency - it is offered AS IS.
43,306 SF of land. Clean Phase 1. The income we are told is $13,000 NNN monthly and month-to-month leases.
Billboard lease with CBS needs to be renegotiated. No entitlements in place.
Seller is looking for $8.4mm. Bought it out of BK in April 2017. Attached plans for 52 townhomes but per City, needs revision to meet ADA compliance.
This we are told is another possible configuration:
Proposed Development Features:
4 Story Structure
101 Units Averaging 220 SF per unit
5000 SF of Commercial Space
97 Residential Parking Spaces
15 Commercial Parking Spaces
 
If interested, please contact for more info:
Roy Belson
(818) 620-2020
Re/Max Olson Commercial
CalBRE# 01345852