483 Sturtevant Drive

Sierra Madre, CA 91024

$9,500,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $1,130 / sqft

1923

calendar_month Built

Property Description

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.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A

Listing Information

Address 483 Sturtevant Drive
City Sierra Madre
State CA
Zip 91024
County Los Angeles
Listing Agent Robert Stepp DRE#01456379
Courtesy Of Keller Williams - Santa Monica
MLS PW23175309
List Price $9,500,000
Status Active
Type Residential Income
Subtype Commercial/Residential
Structure Size N/A
Lot Size 31,712
Year Built 1923
DOM 91

Exterior Information

Maps

Listing information courtesy of: Robert Stepp, Keller Williams - Santa Monica . *Based on information from the Association of REALTORS/Multiple Listing as of Dec 18th, 2023 at 2:41 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.