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Active
359 N Lima ST Sierra Madre, CA 91024
7,570 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-27368
HOA Y/N No
Year Built 1947
Lot Size 7,570 Sqft
Property Sub-Type Quadruplex
Property Description
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.
Location
State CA
County Los Angeles
Area 656 - Sierra Madre
Interior
Fireplace Yes
Appliance Free-Standing Range, Gas Oven, Microwave, Refrigerator
Exterior
Pool None
Community Features Foothills, Hiking, Sidewalks
View Y/N No
View None
Total Parking Spaces 4
Private Pool No
Building
Faces East
Story One
Entry Level One
Sewer Sewer Tap Paid
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 5761018013
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition Trust
Listed by Sarah Moore Engel & Voelkers Pasadena #01166814
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