$ 1,000,000
-
$1,000,000
Price -
2
Bed -
5
Bath -
1,154
SqFt
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About the Listing PF137 - P20135
Investor and developer opportunity in the highly desirable city of Sierra Madre. This unique property is currently improved with four residential units generating substantial rental income; however, buyers should be aware that the property is zoned R-1 and Los Angeles County Assessor records identify the property as a duplex. The City has indicated that the existing improvements will require correction, and buyers are encouraged to conduct their own investigation regarding permitted uses, approvals, redevelopment options, and compliance requirements.Based on discussions with the City, future use may include a duplex and an ADU, creating an exciting opportunity for investors, builders, and developers to reimagine the property and maximize its potential. The existing improvements include a studio unit, two one-bedroom units, a two-bedroom unit, and several bonus spaces that have historically attracted artists, writers, and creative professionals. The property has a long history of strong rental demand and minimal vacancy, demonstrating the desirability of the location and providing valuable insight into the area's rental market. Situated on a charming residential street in sought-after Sierra Madre, this is a rare chance to acquire a property with immediate income, redevelopment potential, and significant upside. Cash buyers, experienced investors, and developers are encouraged to explore the possibilities. Property is being sold in its present AS-IS condition. Buyer to independently verify zoning, permits, square footage, existing use, development potential, and all information relating to the property.
Listing Highlights
Status
Active With Contingency
Days on Site
37
Property Type
Multi-Family
MLS ®
P1-27368
Year Built
1947
Total Square Footage
1,154
Lot/Acreage
0.17
Interior Details
- Bedrooms: 2
- Bathrooms: 5 Full
- Appliances: Free-Standing Range, Gas Oven, Microwave, Refrigerator
- Air Cond:
- Heating:
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 4
- Roof:
- Others: 2+ Total Units
- Sewer: Sewer Tap Paid
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 5761018013
- Tax Year: N/A
Payment Calculator
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Questions About..
359 N Lima St Sierra Madre, CA 91024
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