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38448 E 10th Place, Palmdale, CA 93550

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For Sale
Sale Pending

$795,000

5 beds • 3 baths • 2,680 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • $296.64
    Price per square foot

  • Over 50 Years Old
    Age

Explore this Property

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.
MLS# 24001438

Courtesy Of Castlestone Properties, Inc.

(818) 993-0099

Property Features

  • Age
    Over 50 Years Old
  • Architecture Style
    Other
  • Cooling System
    Central A/C
  • Heating System
    Central Furnace
  • Lot Size
    1.01 Acres
  • Roof Type
    Composition Shingle
  • Rooms
    Bedroom, Full Bath

Map and Directions

Directions to 38448 E 10th Place, Palmdale, CA 93550

Home seller CENTURY 21 Yarrow & Associates Realtors

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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