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38448 10th Place
Palmdale, CA 93550
Sold
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.
PROPERTY INFORMATION
| MLS # | SR24039636 | Lot Size | 44,055 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | Triplex |
| Price | $ 795,000
Price Per SqFt: $ 297 |
DOM | 208 Days |
| Address | 38448 10th Place | Type | Residential Income |
| City | Palmdale | Sq.Ft. | 2,680 Sq. Ft. |
| Postal Code | 93550 | Garage | 2 |
| County | Los Angeles | Year Built | 1949 |
| Bed / Bath | 5 / 0 | Parking | 2 |
| Built In | 1949 | Status | Closed |
| Sold Date | 2024-05-31 |
INTERIOR FEATURES
| Has Laundry | No |
| Laundry Information | None |
| EntryLocation | 1 |
| Entry Level | 1 |
EXTERIOR FEATURES
| Has Pool | No |
| Pool | None |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $848
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 05/02/2024 | Price Change | $795,000 (-6.47%) |
| 02/26/2024 | Listed | $850,000 |
Topfind Realty
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(844)-333-8033
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Listing provided courtesy of Mark Mestepey, Castlestone Properties, Inc.. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. 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, 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.
