Permanent Housing Conversion Opportunity 14972 Sand Canyon Ave 148 Unit Apartment Building $29,525,000 ($199,493/Unit) 7.10% Cap Rate Irvine, CA 92618

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