But a stretch of land across the bay in West Oakland with a 960-square-foot, century-old dilapidated, yet historically relevant, Victorian home is more than a mere fixer-upper. It's more of a development project, listing agent Kevin Cunningham of Red Oak Realty told Business Insider. The listing atcomes with city-approved architectural plans to build out the lot into five housing units total, two of which would be apart of the existing Victorian structure.
If the prospective buyer pays $988,000 — working out to about $200,000 per future unit before development costs — they'll have an opportunity to develop housing units to lease out that could then provide a nice revenue stream. The property has been in the owner's family for 60 years. He would rather develop the property himself, but Cunningham said at this point he's selling for personal reasons."It's just kind of in that in-between space where the traditional sort of fixer-flipper market, it's too big of a project for them but not big enough for the bigger developers like Lennar or Toll Brothers or whoever else," Cunningham said.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: latimes - 🏆 11. / 82 Read more »