38448 10th Place E Palmdale, CA 93550
East Palmdale NeighborhoodEstimated Value: $683,000 - $735,689
5
Beds
3
Baths
2,680
Sq Ft
$269/Sq Ft
Est. Value
About This Home
As of May 2024Excellent investment/development opportunity. This property consists of 3 detached houses on a street-to-street 1 acre lot, zoned ''Mixed Use 2 (MU2)'', which is a highly flexible zoning that allows for commercial and multifamily residential development. This property is also located within an opportunity zone, which may provide significant tax benefits. The 3 detached homes each have their own address. 38451 11th St E is a 1,400 sqft, 2 bed (plus a den) 1 bath home with a 2 car detached garage, currently rented at $1,663/month. 38456 10th Pl E is a 2 bed, 1 bath home, currently rented at $1,995. This unit was rehabbed/remodeled 1 year ago, and it recently received new windows. 38448 10th Pl E is a 1 bed, 1 bath home, currently rented at $924. This unit also recently received new windows. All 3 tenants are on month-to-month leases. This arrangement presents an excellent opportunity for investors with a variety of potential strategies. At the moment, the units produce good monthly cash flow. This cash flow can be increased by raising the rents over time or replacing the existing tenants. The detached garage can potentially be converted to an ADU for additional income. There is ample unused land on this property, which could allow for the construction of additional detached or attached units, while preserving the existing units. Finally, the existing units can be demolished, and a new multifamily and/or commercial project can be constructed. A developer could potentially build an affordable housing community, leverage special affordable housing financing, and stack LIHTC tax credits and opportunity zone tax benefits. In the meantime, while waiting for the project to be approved, the developer can collect rent from the existing tenants and avoid having ''dead money'' tied up in a vacant lot. This property is a great situation, as it sits on an acre of prime land, while also kicking off monthly income. This is a rare combination and an excellent opportunity.
Last Agent to Sell the Property
Castlestone Properties, Inc. License #01991537 Listed on: 02/26/2024
Last Buyer's Agent
Unknown Member
NON-MEMBER OFFICE
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $3,811
Year Built
- Built in 1949
Lot Details
- 1.01 Acre Lot
Home Design
- 2,680 Sq Ft Home
- Frame Construction
- Composition Roof
Bedrooms and Bathrooms
- 5 Bedrooms
- 3 Bathrooms
Utilities
- Central Air
- Wall Furnace
Community Details
- 3 Units
Listing and Financial Details
- Assessor Parcel Number 3015-005-037
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Feb 26, 2024
Closed on
May 24, 2024
Sold by
Norlaco Rentals Llc
Bought by
Nextgen Property Holdings Llc
Seller's Agent
Mark Mestepey
Castlestone Properties, Inc.
Buyer's Agent
Unknown Member
NON-MEMBER OFFICE
List Price
$850,000
Sold Price
$725,000
Premium/Discount to List
-$125,000
-14.71%
Total Days on Market
67
Views
75
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$5,078
Avg. Annual Appreciation
-0.69%
Purchase Details
Listed on
Feb 26, 2024
Closed on
May 20, 2024
Sold by
Norlaco Rentals Llc
Bought by
Nextgen Property Holdings Llc
Seller's Agent
Mark Mestepey
Castlestone Properties, Inc.
Buyer's Agent
Unknown Member
NON-MEMBER OFFICE
List Price
$850,000
Sold Price
$725,000
Premium/Discount to List
-$125,000
-14.71%
Views
75
Purchase Details
Closed on
Jan 10, 2011
Sold by
Lopez Salvador
Bought by
Norlaco Rentals Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$122,500
Interest Rate
4.62%
Mortgage Type
Unknown
Purchase Details
Closed on
Jan 3, 2011
Sold by
Lopez Salvador
Bought by
Pizano Maria G Pachero and Ssm Trust
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$122,500
Interest Rate
4.62%
Mortgage Type
Unknown
Purchase Details
Closed on
Jun 16, 2004
Sold by
Suter George and Suter Mildred M
Bought by
Suter George and Suter Mildred M
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$243,200
Interest Rate
7%
Mortgage Type
Purchase Money Mortgage
Purchase Details
Closed on
May 24, 2004
Sold by
Lopez Araceli
Bought by
Lopez Salvador
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$243,200
Interest Rate
7%
Mortgage Type
Purchase Money Mortgage
Purchase Details
Closed on
May 19, 2004
Sold by
Suter George and Suter Mildred M
Bought by
Lopez Salvador
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$243,200
Interest Rate
7%
Mortgage Type
Purchase Money Mortgage
Purchase Details
Closed on
Oct 3, 1994
Sold by
Suter George and Suter Mildred M
Bought by
Suter George and Suter Mildred M
Similar Homes in Palmdale, CA
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The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Nextgen Property Holdings Llc | $725,000 | Fidelity National Title | |
| Nextgen Property Holdings Llc | $725,000 | Fidelity National Title | |
| Norlaco Rentals Llc | $117,900 | None Available | |
| Pizano Maria G Pachero | -- | None Available | |
| Suter George | -- | Fidelity National Title | |
| Lopez Salvador | -- | Fidelity National Title | |
| Lopez Salvador | $304,000 | Fidelity National Title | |
| Suter George | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Previous Owner | Norlaco Rentals Llc | $122,500 | |
| Previous Owner | Lopez Salvador | $350,000 | |
| Previous Owner | Lopez Salvador | $243,200 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 05/31/2024 05/31/24 | Sold | $725,000 | -8.8% | $271 / Sq Ft |
| 05/03/2024 05/03/24 | Pending | -- | -- | -- |
| 05/02/2024 05/02/24 | Price Changed | $795,000 | -6.5% | $297 / Sq Ft |
| 02/26/2024 02/26/24 | For Sale | $850,000 | -- | $317 / Sq Ft |
Source: Greater Antelope Valley Association of REALTORS®
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $3,811 | $148,203 | $22,604 | $125,599 |
| 2023 | $3,780 | $145,298 | $22,161 | $123,137 |
| 2022 | $3,664 | $142,450 | $21,727 | $120,723 |
| 2021 | $3,562 | $139,657 | $21,301 | $118,356 |
| 2020 | $3,521 | $138,431 | $21,083 | $117,348 |
| 2019 | $3,487 | $135,722 | $20,670 | $115,052 |
| 2018 | $3,452 | $133,066 | $20,265 | $112,801 |
| 2016 | $3,253 | $127,704 | $19,479 | $108,225 |
| 2015 | $3,216 | $125,787 | $19,187 | $106,600 |
| 2014 | $3,209 | $123,324 | $18,812 | $104,512 |
Source: Public Records
Agents Affiliated with this Home
-
Mark Mestepey
M
Seller's Agent in 2024
Mark Mestepey
Castlestone Properties, Inc.
(818) 993-0099
12 in this area
117 Total Sales
-
U
Buyer's Agent in 2024
Unknown Member
NON-MEMBER OFFICE
Map
Source: Greater Antelope Valley Association of REALTORS®
MLS Number: 24001438
APN: 3015-005-037
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