The Bienstock Group presents an exciting opportunity to buy a development site with ready to issue plans.
This stellar off-market development will be home to three levels of large condo/apartment units. The 17 units will have 26,500 Sq Ft. of habitable living space. Ranging in size, from 1,836 SqFt. 3-bedroom units to a 1,028 SqFt. 1-bedroom + den. One level of subterranean parking.
The lots are zoned R3 and the total lot size is 14,000 square feet.
The 17 condos built will sell for around 20M conservatively by the time they’re all built. As apartments they will be able to collect rent between $925,000-$955,000 gross.
The sales price is 5.3 with a close of escrow date immediately after the city issues formal approval to build the 17 units on the lands. The sales price is 5.6 with a close of escrow date immediately after the city issues approval to do all the plans to begin construction on the site.
This is an off-market opportunity presented by The Bienstock Group, and there are currently offers on the table that are in negotiations. For more info and to receive a market package, please reach out to Sheri Bienstock at 323-428-3956.