84 Merrydale Road

Description

Exceptional Income-Producing Triplex with Significant Multifamily Development Potential Rare opportunity to acquire an income-producing asset with substantial upside on a 14,000+ square-foot lot offering outstanding multifamily development potential and convenient freeway access. This property presents an exceptional combination of immediate cash flow and long-term value creation. The current owner has completed several important pre-development milestones, including a architects feasibilty study, soils report, boundary survey, and professionally designed architectural site plans featuring two alternative structural concepts for an eight-unit residential development, allowing a future owner to accelerate the development process. The existing property consists of three residential units: Detached two-bedroom, one-bath home, with a basement. Two attached one-bedroom, one-bath units, one of which includes a valuable additional room. Current gross rental income is $6,772.50 per month, with a recent appraisal indicating an estimated market rent of $7,535 per month. The property's unique ability to generate stable rental income during the planning, entitlement, and development process distinguishes it from vacant development sites. Beyond its investment appeal, the property has successfully served as a multigenerational family compound and offers flexibility for buyers seeking extended-family living, value-add income opportunities, or phased redevelopment. Properties offering this combination of current income, development readiness, and long-term appreciation potential are difficult to find. An exceptional opportunity for investors, developers, and 1031 exchange buyers seeking both immediate returns and future growth.