Description
One of the only opportunities to develop 5 units in the up and coming city of Bell, this property is currently in the process for approval of the development of 5 units. 3 units will be 3 bedrooms 2 bathrooms (total of 2581 sq.ft) and 2 units will be 2 bedrooms 2 bathrooms (3906 sq.ft). The current house standing is a 2 bedroom one bath on a huge 12,109 sq.ft lot (Zoning BLR3). This property is ripe for picking, near by new development have sold in the range of 500k-600k per unit and at CAP rate around 4%. Current market rents are ranging from $2,200-$2,600 for newly developed 2 bedroom units, and $3,000-$3,400 for newly developed 3 bedrooms units. Project plan check is 75% completed.
Location
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