Turnkey Duplex with with Permitted Plans for 3 more units in rear of large lot. Plans approved after 2 YEARS & 50k of permitting fees. Save yourself $300k in holding costs and grab this chance to build a cash flowing property while you collect income from the current homes. This excellent 2 unit was renovated in 2019 and generates $5.9k/mo with low operating costs. The lot is 10k sq ft, RM-1-1+TPA+Alley Access and sits up on a hill so you can see the ocean from 2nd stories. Plans include 2 add. structures, 2 stories complete with 2 car garages and 3rd story rooftop decks for each unit. Option to convert to ADUs after to make 8 total units! Rental Projections of $20k-$25k per MONTH after build! With size and bath counts could easily be ran as a short/medium term rental to further increase cash flow. Pictures include renderings and existing improvements. See Docs for plans and projections.
Property projected ARV of $3.9 million to $4.9 million after build. Current Duplex is a 6/4 1768 sq ft. Plans include 2 buildings, 3 Units (or 6). Building A is a 2 story 1537 sq ft, Single Family 4/3 featuring a 2 car garage and 3rd story rooftop deck. Building B is a Two story, 2 unit ADU. 3 beds and 3 baths these 1195 sq ft units will be gorgeous each with their own attached 2 car garages and 3rd story rooftop deck, hello ocean. Post construction property total: 3 buildings, 5 units (potential for 8 w/ garage conversions), 16 beds, 13 bath, and 5695 living sq ft. Close to USD, with high bath counts and private suites good option to rent by the door to student or run as short/medium term rentals!