Zoned RD 1.5 – Build Up To Five Units
In the Heart of North East Los Angeles!
340 N. Ave 51 Los Angeles, CA 90042
This is a nice opportunity to develop a large lot in Northeast Los Angeles (NELA).
This is a hot area, with a large amount of development going on by investors and builders.
It will be delivered vacant, which is always our first concern.
There is value in this project, whichever strategy you initiate.
We have been told that you can build up to five (!) units on this large lot, but do you own due diligence with the city.
Take a look at the numbers:
– existing single-family home, 3 beds and 1 bath, is 1314 sf
– great lot size! 8242 sf
– closing date is August 30
– EMD is $10,000
– Purchase Price is $765,000
This one is freshly under contract and are ready to assign.
*It has foundation issues so probably best for experienced developers/rehabbers. We have a Geo report.
At this time I do not want to provide the Geo report or the full address. Once you reply I can share the details.
La Jolla Rehab or Build Up
- 5 bed 4 bath 3,328 sq ft single story home on ¼ acre lot located near La Jolla Park.
- Price = $1,760,000, only $528/ft!
- Inspection period through 4/6/15, 4/30/15close, $25,000 EMD due
- Rehab = $200,000-$500,000+ depending on strategy
- ARV if remodeled with existing Sq Ft and NO addition = $2,500,000-$2,700,000
- Add a 2ndstory addition to capture ocean views and ARV = $3,000,000 – $3,500,000+
The property is zoned RS-1-5. It’s located in the Coastal Zone allowing for a maximum building height of 30 feet and a maximum floor area of 5,911 is allowed. To be eligible for a Coastal Development Permit Categorical Exclusion, it would need to have a maximum height of 27 ft and a maximum floor area of 4,728 allowing for a 1,400 sq ft 2nd story to be built!! There is no HOA.
Contact for address, Geo report Access: drive by or schedule a viewing, property is occupied
Contact me direct at Greg@fixandflippers.com | 858-386-0949
Reply for the Address+ Appraisal+ CMA if you buy in this price range and location.
Appraisal ARV is conservative, as market is trending and ARV is $500 -585 sq ft.
Westlake Village, CA. 91362
This is an incredible property with a turnkey backyard and pool. A magnificent location in exclusive North Ranch area of Westlake Village, this is an incredible project for the price.
Square feet: 5730 (not additional square footage needed)
Repairs: $250k (MAXIMUM). Home is in great condition, just needs updating and opening of the kitchen and moving of the staircase. Not a huge project as the home is immaculate inside, NO BACKYARD REPAIRS.
ARV: $3.1 Million (have appraisal), Appraisal is Conservative at $2.8M
Please note that right now North Ranch is RED HOT and the market is really moving up and trending to $500-$550 a square foot for newly remodeled homes. The area is affluent and very family oriented, Westlake is home to many celebrities and executives. The market for turnkey property is very active right now!. We are seeing a strong push in this area and finished, turnkey luxury projects are moving VERY fast.
Incredible opportunity here at the price! We feel this property will sell for $3.0 million when finished due to the upswing in the market and rising sales. My office currently has several in escrow in this neighborhood at $525-$550 a square foot.
We helped a client obtain the off-market property through an agent relationship, then we introduced him to a private fund. they offered our investor a 100% financing fix and flipper loan. This covered the acquisition, rehab, and we secured a 2nd loan for closing costs. Deal outline: Purchase price was $1.5M with $300k rehab, with an after-repair value of $3M+.
We specialize in luxury flips and jumbo fixer loans.