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19350 Lanark Street, Reseda, California 91335, Reseda, 91335 - 3 bed, 2 bath

19350 Lanark Street, Reseda, California 91335 home-pic-0
ACTIVE UNDER CONTRACT$920,000
19350 Lanark Street, Reseda, California 91335
3Beds
2Baths
1,296Sqft
9,771Lot
Year Built
1954
Close
-
List price
$920K
Original List price
$925K
Price/Sqft
$710
HOA
-
Days on market
-
Sold On
-
MLS number
SR25058753
Home ConditionTear down
Features
ViewNeighborhood

About this home

Possibly Over-Priced:The estimated price is 35% below the list price. We found 3 Cons,6 Pros. Rank: price - $920.0K(61th), sqft - 1296(32th), beds - 3(50th), baths - 2(50th).

An incredible opportunity for developers and investors, this approximate 10,000 sq. ft. lot to build a 4-unit property designed for maximum rental income potential. The plans include a main house spanning 2,358 sq. ft. with 4 bedrooms, 3 bathrooms, a 2-car garage, and a large backyard with a swimming pool, projected to generate $6,000/month in rental income. The second dwelling is planned as a 2-bedroom, 2-bathroom unit with a private yard and an estimated rental income of $3,300/month. Additionally, the plans include two 701 sq. ft. ADUs, each featuring 2 bedrooms, 1 bathroom, private access, and separate backyards, with projected rental income of $3,500/month per unit. Designed with high ceilings and modern layouts, this project offers a total estimated income of $16,300/month once completed. With an estimated construction cost of $750,000, the project delivers a projected 12% cash-on-cash return or an even higher cap rate with financing. This is a rare opportunity to build and capitalize on a lucrative investment opportunity. Plans available upon request.

Nearby schools

3/10
Melvin Avenue Elementary School
Public,•K-5•0.5mi
3/10
Napa Street Elementary School
Public,•K-5•0.8mi
2/10
Blythe Street Elementary School
Public,•K-5•0.8mi
3/10
Winnetka Avenue Elementary School
Public,•K-5•0.9mi
4/10
Stanley Mosk Elementary School
Public,•K-5•1.2mi
4/10
Stanley Mosk Elementary School
Public,•K-5•1.2mi
5/10
Shirley Avenue Elementary School
Public,•K-5•1.4mi
5/10
Reseda Elementary School
Public,•K-5•1.4mi
5/10
Garden Grove Elementary School
Public,•K-5•1.8mi
5/10
Cantara Street Elementary School
Public,•K-5•1.8mi
3/10
Bertrand Avenue Elementary School
Public,•K-5•2.2mi
6/10
Lorne Street Elementary School
Public,•K-5•2.4mi
3/10
Vanalden Avenue Elementary School
Public,•K-5•2.4mi
3/10
Anatola Avenue Elementary School
Public,•K-5•2.5mi
3/10
Anatola Avenue Elementary School
Public,•K-5•2.5mi
6/10
Newcastle Elementary School
Public,•K-5•2.6mi
6/10
Lemay Street Elementary School
Public,•K-5•2.8mi
5/10
Lemay Street Elementary School
Public,•K-5•2.9mi
3/10
John A. Sutter Middle School
Public,•6-8•1.3mi
3/10
Northridge Middle School
Public,•6-8•1.8mi
3/10
William Mulholland Middle School
Public,•6-8•3.2mi
5/10
William Mulholland Middle School
Public,•6-8•3.5mi
6/10
Gaspar De Portola Middle School
Public,•6-8•3.5mi
5/10
Woodland Hills Charter Academy
Public,•6-8•3.6mi
4/10
Reseda Senior High School
Public,•9-12•2.3mi
7/10
Northridge Academy High
Public,•9-12•2.7mi
5/10
Valley Academy Of Arts And Sciences
Public,•9-12•4.2mi
5/10
Valley Academy Of Arts And Sciences
Public,•9-12•4.2mi
Condition Rating
Tear down
The property was built in 1954, making it 70 years old. The listing description focuses entirely on the potential for a new 4-unit development, including 'plans to build' and 'estimated construction cost of $750,000,' strongly implying the existing structure is not considered a valuable asset. The provided images of the current single-family home confirm an extremely dated interior, particularly the kitchen and bathrooms, which show original or very old fixtures, cabinetry, and finishes with no evidence of major renovations within the last 50 years. The property's value is clearly based on the land and its redevelopment potential, aligning with the 'Tear-down' criteria.
Pros & Cons

Pros

High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 9771, living area = 1296.
High Income Potential: The property is designed for maximum rental income, with a projected total of $16,300/month from four units upon completion.
Strong Investment Return: The project offers a projected 12% cash-on-cash return or an even higher cap rate with financing, indicating a lucrative investment.
Multi-Unit Development Opportunity: An approximate 10,000 sq. ft. lot is approved for building a 4-unit property, including a main house, a second dwelling, and two ADUs, maximizing density and revenue.
Pre-Designed Plans Available: Detailed plans are already designed and available upon request, streamlining the development process for investors and developers.
Desirable Unit Features: The plans include modern layouts, high ceilings, private yards for the second dwelling and ADUs, and a swimming pool for the main house, enhancing tenant appeal.

Cons

Significant Upfront Investment & Construction: This is not a turnkey property; it requires an estimated $750,000 in construction costs and substantial capital investment before generating income.
Project Execution Risk: The success of the investment heavily relies on the execution of the construction project, including managing timelines, budgets, and obtaining necessary permits, which can be complex and prone to delays.
Reliance on Projections: The attractive rental income and cash-on-cash return figures are projections, and actual results may vary based on market conditions, tenant acquisition, and unforeseen operational expenses.

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