38448 E 10th Place

Palmdale, CA 93550

$850,000

Listed Price
5

bed Beds

3

shower Baths

2,680 sqft

straighten $317 / sqft

1949

calendar_month Built

Property Description

Excellent investment/development opportunity. This property consists of 3 detached houses on a street-to-street 1 acre lot, zoned ''Mixed Use 2 (MU2)'', which is a highly flexible zoning that allows for commercial and multifamily residential development. This property is also located within an opportunity zone, which may provide significant tax benefits. The 3 detached homes each have their own address. 38451 11th St E is a 1,400 sqft, 2 bed (plus a den) 1 bath home with a 2 car detached garage, currently rented at $1,663/month. 38456 10th Pl E is a 2 bed, 1 bath home, currently rented at $1,995. This unit was rehabbed/remodeled 1 year ago, and it recently received new windows. 38448 10th Pl E is a 1 bed, 1 bath home, currently rented at $924. This unit also recently received new windows. All 3 tenants are on month-to-month leases. This arrangement presents an excellent opportunity for investors with a variety of potential strategies. At the moment, the units produce good monthly cash flow. This cash flow can be increased by raising the rents over time or replacing the existing tenants. The detached garage can potentially be converted to an ADU for additional income. There is ample unused land on this property, which could allow for the construction of additional detached or attached units, while preserving the existing units. Finally, the existing units can be demolished, and a new multifamily and/or commercial project can be constructed. A developer could potentially build an affordable housing community, leverage special affordable housing financing, and stack LIHTC tax credits and opportunity zone tax benefits. In the meantime, while waiting for the project to be approved, the developer can collect rent from the existing tenants and avoid having ''dead money'' tied up in a vacant lot. This property is a great situation, as it sits on an acre of prime land, while also kicking off monthly income. This is a rare combination and an excellent opportunity.

Interior Features

Bedroom Information
Bedrooms 5
Bathroom Information
Bathrooms 3
Interior Information
Cooling Type Central Air/Evap

Listing Information

Address 38448 E 10th Place
City Palmdale
State CA
Zip 93550
County Los Angeles
Listing Agent Mark Mestepey DRE#01991537
Courtesy Of Castlestone Properties, Inc.
MLS 24001438
List Price $850,000
HOA $15
Status Active
Type Residential Income
Structure Size 2,680
Lot Size 43,996
Year Built 1949
DOM 62

Exterior Information

Maps

Listing information courtesy of: Mark Mestepey, Castlestone Properties, Inc. (818) 624-0099. *Based on information from the Association of REALTORS/Multiple Listing as of Apr 27th, 2024 at 2:05 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.