483 533 Sturtevant Drive, Sierra Madre CA, 91024

Active

483 533 Sturtevant Drive

Sierra Madre CA, 91024

$9,500,000

$1,130.95 per sqft

Active

8,400 sqft

Multi-family

Built in 1923

Listed by Robert Stepp with Keller Williams - Santa Monica 310-482-2200

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 maintain the original artistic integrity of the site. Current ownership has spent nearly $1.2 million on capital improvements including new electric, plumbing, roofing, exterior work and landscaping. Current operating expenses are 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 qualifies for the construction of six (6) ADUs totaling 3,800 square feet of rentable space. Current ownership has begun the planning process and completed a site survey for construction. By adding the six (6) ADUs, new ownership can recognize a return on construction costs of over 260%. Optionally, new ownership could choose to sell each parcel separately, before or after construction of ADUs, to recognize premium ROI.

PW23175309

MLSⓇ ID

September 19, 2023

Listed

March 23, 2024

Updated

Map

483 533 Sturtevant Drive
Sierra Madre CA, 91024

Interior Features

Total Stories: 1
Laundry Description: Common Area, Inside
Fireplace: No
Cooling: No
Heating: No

Exterior/Building Features

Lot Size: 0.73 Acres
Lot Features: 11-15 Units/Acre
Sewer: Public Sewer

Other Property Details

Area Name: 656 - Sierra Madre
Days on Market: 90
Garage: No
Parking Total: 24
View: No
County: Los Angeles
Water Source: Public
Pool: No
Pool Features: None
Zoning: SRR1-CUP*
Buyer Agency Compensation: 2%

Listing Contact: 310-482-2200

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

Data last updated on 3/23/2024 at 1:20 AM UTC