Description

Situated on an approximately 8,616-square-foot lot, this unique SB-9 property is an exceptional opportunity for both income generation and future development. The existing residence, originally constructed in the 1950s, has been thoughtfully divided into two separate units. New rental agreements for each unit generate an estimated gross rental income of approximately $5,150 per month and gross $61,800/annually. Unit One consists of a two-bedroom, one-bathroom residence currently generating $3,200 per month, while Unit Two (best described as a Junior ADU) consists of a one-bedroom, one-bathroom residence currently generating $1,950 per month. The property has almost completed an SB-9 lot split process, to create Parcel A containing approximately 5,149 square feet and Parcel B containing approximately 3,467 square feet. The existing residence is located on what would be Parcel A, while Parcel B offers future development potential subject to buyer investigation and final SB9 approval. Available due diligence materials include tentative parcel maps, correspondence related to the subdivision process, and designer-prepared plans and drawings that have been submitted and stamped through the City approval process. Buyers should be aware that a final park-related fee of approximately $17,000 remains outstanding as part of the SB-9 Lot Split process. Seller is willing to consider a buyers credit toward this fee, or other concessions as part of a negotiated transaction. Seller, as required currently resides on the premises. Seller states that upon payment of this fee the Lot Split will complete creating two separate and developable addresses: 20957 Community St. and 8400 Independence Ave. This current transaction is for ONE APN number prior to the split, thus allowing the Buyer to obtain ONE parcel and complete the SB9 split after close. Seller has invested significant time, effort, and expense into the entitlement and development process and has established a clear understanding of the property's value and development potential. Accordingly, offers should reflect the property's current income stream, pending SB9 lot split, and future development opportunities. All Buyers must submit proof of funds & their Pre Qualifications letter with written offers. Do NOT bother residents. Showings by Appointments. Drive By OK. No Door Knock