29 North El Molino Street

29 North El Molino Street Alhambra, California 91801 United States

Builders/Investors have an opportunity to acquire a charming Spanish style existing duplex. Approved RTI plans to add ADU with two units in rear yard for a total of 4 units are included. The post-construction value (ARV) of the four unit property is Seller projected at $2.23M. The cost of construction is Seller estimated at $365K. The Seller projected net gain in the property value is $390K. Existing units have 2 bedrooms, 1 bath each, large living rooms with decorative fireplaces, and in unit laundry. Current rents are $2700/month and $2100/month = $4800/month total. Design for each new unit includes 2 bedrooms, 1 bath and in unit laundry. Proforma estimated rent for the four units = $9800/month or $117,600/year. New owner can continue renting during construction to offset costs. Seller has contract with General Contractor to build the ADUs. Buyer has option to acquire contract from Seller. Property is located in the highly desirable area of Alhambra just north of Main Street, east of Garfield Ave, and close to Interstate 10. Unit #29 recently had refrigerator, range, and washer/dryer replaced along with new bathroom tile and fixtures. Please DO NOT DISTURB TENANTS.

Listing Courtesy of Lisa Paperno, DPP, 01489687, Active

The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed.