Description
INVESTORS & BUILDERS, close on this excellent development opportunity with City entitlements, final County map, and full sets of permit ready plans. City of Costa Mesa approved lot split using their Small Lot Ordinance (SLO) guidelines. 2 nearly identical lots have been created from this prime oversized lot of 10,817 SF. Each new lot will be approx. 53' wide by 102' deep, totaling 5,406 SF. On each lot will be one 2-story, 4 bed & 3.5 bath front house of 2,266 SF, plus a single level detached ADU in the back with 2 beds & 2 baths in 884 SF. Architecture is coastal modern farmhouse by Bryant Palmer & Soto. Features will include high volume and vaulted ceilings, great rooms and lofts, upstairs laundry rooms, indoor/outdoor feel, oversized garages, private yards, separate gated entries, welcoming front porches and patios. ADUs will have separate and private entries and all yards will be privately fenced. All units separately metered with electric and gas. Outdoor spaces by BGB Design Group will be soothing places to rest, rejuvenate and entertain with California friendly landscaping and practical yet aesthetically pleasing hardscape surfaces. Just around the corner are Fairview Park and Talbert Nature Preserve, and Santa Ana River trails with beach access. Just a few blocks from excellent Waldorf School. These homes and ADUs will be terrific residences for their occupants. Conservative rental pro forma is $6,500-$7,000/mo for the front houses and $3,500-$3,750/mo for the ADUs. The development project offers many options for the lucky buyer: 1.) Develop and sell for profit; 2.) Develop and rent all units out, then hold for the long-term appreciation and tax write offs; 3.) Build for yourself and move into one and rent the others; 4.) Build both lots, then sell one off to pay for the one you keep; and/or 5.) Purchase for your 1031 exchange to defer capital gains taxes. What is your plan? Reach out to Bixby Residential and allow us to consult with you on your options, connect you with our development team, and introduce you to potential contractors for the build out should you need one. *NOTE: Listing has supplements--SEE BROCHURE WITH RENTAL AND SALES COMPS.
