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  • For sale
Glenrose and Albatross Development Site + 6 Units - #1

For Sale

$1,999,999 USD

We are pleased to present the opportunity to acquire six existing units plus land that is approved for 20-quality townhouses ranging between 1,330-1,720 sqft. This development project opportunity allows a developer to collect a positive income stream from the existing stabilized rentals while developing the townhouses in the back portion of the site. 

The project includes five parcels totaling 1.9 acres of land with a fourplex and a duplex on two separate parcels. The buildings were constructed in 1995/1985 on a concrete slab with pitched roofs. The units are all 2-bedroom/1.5-bathroom townhouses with plenty of front yard space, one-car garages, central heat and air systems, dual pane windows, washer/dryer hookups, and cooling ceiling fans. The units include a mix of carpet, tile, laminate, and vinyl flooring.  Appliances include gas water heater, dishwashers, and free standing electric ranges. Tenants are responsible for gas and electricity within their unit, while the owner pays water, sewer, and garbage. The new owner can implement a Ratio Utility Billing System (RUBS) to bill a portion of these charges to the residents which is becoming more common in California. These charges are around $25-75 per unit in addition to the residents’ standard monthly rental payment depending on the amount of people in each unit.