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10th and Alamitos Corner – Development Opportunity
- 4 Contiguous lots totaling 13,779 square feet comprising the Southwest corner of Alamitos Ave and 10th St
- All four parcels zoned Downtown Plan PD30
- Potential to build up to 22 residential units plus an additional 3 accessory dwelling units
- Gross floor area potential of 30,980 square feet with a 38’ building height
- Phase I and II environmental reports complete
- Strong income in place (month to month) while waiting for entitlements at a 4.3% cap rate
- Highly visible signalized intersection with a daily traffic count of 20,800 cars
Property Details
- Units: 3
- Gross Rent Multiplier: 16.03
- Cap Rate: 4.0%
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$1,500,000
Annual Income
$93,600
Annual NOI
$60,094
Annual Expense
$28,826
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 0 | 1 | $3,500 | $3,500 | $4,000 | $4,000 |
| 1 | 0 | 1 | $2,750 | $2,750 | $2,750 | $2,750 |
| 1 | 3 | 2 | $1,550 | $1,550 | $2,200 | $2,200 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 3 | 3 | 4 | $7,800 | $8,950 |
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