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14972 Sand Canyon Ave
Irvine, CA 92618
Permanent Housing Conversion Opportunity · Multifamily Property For Sale
·
148 Units
Investment Highlights
- Permanent Housing Conversion Opportunity in Irvine, CA
- City Planning has indicated a roadmap to Conversion to Permanent Housing
- Pro Forma 7.1 Cap Rate/8.11 Cap Rate for Non-Profit
- Significant Recent Apartment Building Near the Property
- The property is listed on the National Register of Historic Places
- 2 Buildings - Potential 2 Phases of Conversion
Executive Summary
The Opportunity:
The Property is offered for sale as a Potential Conversion to Permanent Housing.
The City of Irvine has advised that the Current Zoning of the Property will allow for permanent residential use as a single-room occupancy (SRO) Facility, as well as other Potential Permanent uses through a Conditional Use Permit and/or ‘By Right’.
The Property:
The Property is currently operating as La Quinta® by Wyndham Irvine Spectrum. Situated on approximately 2 acres, the Property was built in 1989 and renovated in 2020. Comprising 148 Rooms, the two separate Buildings are joined and total approximately 88,239 Square Feet.
Location:
Situated approximately 2.5 miles North of the Irvine Spectrum, the Property is located just to the South of Interstate 5 and can be accessed off the Sand Canyon Avenue off/on ramp. The Property can also be accessed off the 405 Interstate Sand Canyon Avenue off- and on-ramp to the South. Adjacent to the Property are both Denny’s and Knollwood Restaurants. The Location is surrounded by significant Retail, Office, and Industrial development.
The Rear Building is a former grain warehouse on the National Register of Historic Places.
PLEASE NOTE THAT THE PROPERTY INTERIOR IS NOT TO BE SHOWN WITHOUT AN APPOINTMENT. THE PROPERTY STAFF IS NOT TO BE DISTURBED. ALL APOINTMENTS TO SHOW ARE TO BE COORDINATED THROUGH THE LISTING AGENT - LUIS VAZQUEZ
The Property is offered for sale as a Potential Conversion to Permanent Housing.
The City of Irvine has advised that the Current Zoning of the Property will allow for permanent residential use as a single-room occupancy (SRO) Facility, as well as other Potential Permanent uses through a Conditional Use Permit and/or ‘By Right’.
The Property:
The Property is currently operating as La Quinta® by Wyndham Irvine Spectrum. Situated on approximately 2 acres, the Property was built in 1989 and renovated in 2020. Comprising 148 Rooms, the two separate Buildings are joined and total approximately 88,239 Square Feet.
Location:
Situated approximately 2.5 miles North of the Irvine Spectrum, the Property is located just to the South of Interstate 5 and can be accessed off the Sand Canyon Avenue off/on ramp. The Property can also be accessed off the 405 Interstate Sand Canyon Avenue off- and on-ramp to the South. Adjacent to the Property are both Denny’s and Knollwood Restaurants. The Location is surrounded by significant Retail, Office, and Industrial development.
The Rear Building is a former grain warehouse on the National Register of Historic Places.
PLEASE NOTE THAT THE PROPERTY INTERIOR IS NOT TO BE SHOWN WITHOUT AN APPOINTMENT. THE PROPERTY STAFF IS NOT TO BE DISTURBED. ALL APOINTMENTS TO SHOW ARE TO BE COORDINATED THROUGH THE LISTING AGENT - LUIS VAZQUEZ
Property Facts
| Price Per Unit | $283,260 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 2.00 AC |
| Cap Rate | 7.10% | Construction Status | Proposed |
| No. Units | 148 | Building Size | 88,239 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2027 |
| Apartment Style | Mid-Rise | Parking Ratio | 1.68/1,000 SF |
| Zoning | Commercial - The subject property is in the 4.2B Community Commercial Zone and Focus Area 2 of the General Plan | ||
| Price Per Unit | $283,260 CAD |
| Sale Type | Investment |
| Cap Rate | 7.10% |
| No. Units | 148 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 2.00 AC |
| Construction Status | Proposed |
| Building Size | 88,239 SF |
| No. Stories | 2 |
| Year Built | 2027 |
| Parking Ratio | 1.68/1,000 SF |
| Zoning | Commercial - The subject property is in the 4.2B Community Commercial Zone and Focus Area 2 of the General Plan |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 148 | - | 315 |
Property Taxes
| Parcel Number | 104-583-02 | Improvements Assessment | $7,386,319 CAD |
| Land Assessment | $21,826,719 CAD | Total Assessment | $29,213,038 CAD |
Property Taxes
Parcel Number
104-583-02
Land Assessment
$21,826,719 CAD
Improvements Assessment
$7,386,319 CAD
Total Assessment
$29,213,038 CAD
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