Property Detail

Description

This Value Added Parcel is the FRONT LOT of Three of the Best Residential Parcels in Rancho Cucamonga! This fully-entitled, three lot subdivision boasts three nearly level, large lots (see also MLS listings for 0208-09-186 and 0208-09-187-0000; each lot exceeds 10,000 sq. ft. and they average over one quarter acre each). The location is superb for family living, for high-quality rental properties, and for optimizing unit count using ADU's. The parcels are adjacent to the Pacific Electric Trail, on Vineyard Ave. north of Foothill Blvd, and a very short walk from Red Hill Park. The City of Rancho Cucamonga has been advised to expect ADU's on each lot, per all discussions to date. Each lot has house plans (prepared, but not yet submitted), and the proposed unit distribution is for a Main Home (~ 2,400 sf), a Jr. ADU (~ 500 sf), and a detached ADU (~ 1,200 sf) on EACH LOT. This project is ideal for "Build to Rent" investment purposes (see projected rents in notes below). Many development steps are complete - Approved Parcel Map (subdivision done), Survey, Rough Grading, Soils Report, House Plans, Street Improvement Plans, Performance Bond, and more. The City of Rancho Cucamonga has expressed general verbal agreement to the development plan as broadly outlined. Sellers relocating in 2024. All the above documentation and reports available to the best Buyer/Builder as needed. This nearly flat, approximately rectangular 10,906 sq. ft. vacant lot is the Vineyard Avenue adjacent parcel of the three, with over 100 ft. of frontage on Vineyard. The south side of the lot may also be accessible by a shared driveway (at least 20 feet wide). If the above noted unit mix were built (Main, ADU, and JADU), the current comparable rents on each unit would be $3,700, $2,700, and $1,600 respectively (based on average rents in Rancho Cucamonga). This rent configuration would yield $8,000 per month and $96,000 per year ON EACH LOT in gross rents. Future rent increases would obviously result in even higher rent yields in years to come. Serious inquiries only. DISCLOSURE: Listing Agent related to sellers.