Active

483 Sturtevant DR

SIERRA MADRE CA, 91024

$9,500,000


$1,130.95 per sqft

Active

9 Beds

8,400 sqft

Residential

Built in 1923

Nestled against the San Gabriel Wilderness, Sierra Court Cottages offers an investor the opportunity to own a unique 15-cottage community spread across eight (8) parcels in Sierra Madre, totaling 31,712 square feet. The 15 cottages are comprised of various configurations, and have been tastefully renovated to maintain the original artistic integrity of the site. Current ownership has spent nearly $1.2 million on capital improvements including new electric, plumbing, roofing, exterior work and landscaping. Current operating expenses are low due to the implementation of resident utility billing (RUBS) across the community, allowing new ownership to operate the asset at a sub 30% expense ratio. The site qualifies for the construction of six (6) ADUs totaling 3,800 square feet of rentable space. Current ownership has begun the planning process and completed a site survey for construction. By adding the six (6) ADUs, new ownership can recognize a return on construction costs of over 260%. Optionally, new ownership could choose to sell each parcel separately, before or after construction of ADUs, to recognize premium ROI.

PW23175309MR

MLS ID

September 19, 2023

Listed

March 18, 2024

Updated

Map

483 Sturtevant DR
SIERRA MADRE CA, 91024

Interior Features

Total Stories

1


Bedrooms

9 Beds


Laundry Description

Community, Inside


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.73 Acres


Sewer

Public Sewer

Other Property Details

Area Name

Sierra Madre


Days on Market

90


Garage

No


Parking Total

24


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

SRR1-CUP*

Listed by Robert Stepp with Keller Williams - Santa Monica
Listing Contact: 310-774-3740 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Sherry Carr shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 3/18/2024

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