* * * please do not disturb residents * * * 3% buyer commission paid upon close of escrow. Seller desires to cash out - no carry back 4355 Iowa is a fully occupied, income producing, 6 unit apartment building (site area = 7162sf). With only 5 other parcels on the block, It affords as entree to a short block redevelopment. Last time sold: 1974 Tier 3 Complete Communities overlay zone allows a 6.5 FAR. Cal Trans has NO OWNERSHIP INTEREST in this block of Boundary Street. Cal Trans ownership stops at their chain link fence shown in one photo. With vacation of Boundary Street (60' ROW) and the east-west 10' wide alley connecting to Iowa Street, the assembled block accrues 1.15 acres* of redevelopment potential. The underlying RM-3-9 zoning allows 60' height limit outright. A variance, achieved via a planned development, may allow an additional level, requiring discretionary review and community consent. The assembled 1.15-acre parcel with an FAR 6.5 and a liberal 20 % common area + circulation/core reduction yields a gross floor area approximating 260,000 sf - allowing construction over 300 each 850sf 2br/2ba units! Utilizing 70% for grade level parking producing 50 spaces with two accessible including one van space, the reduced yield is 225,000 gross floor area, or 264 units at 850sf/unit. Perpendicular parking on the Iowa St. frontage (415') will produce at least 41 vehicles (using 9' widths) including two disabled and two, 22' wide, double ingress-egress aprons, one for subterranean parking, one for grade level parking. 41 additional parking spaces (including two disabled) can be produced in a single level, subterranean garage utilizing 30% of the site due to the triangular geometry and set-backs from underground utilities. TOTAL PARKING = 132 spaces. The subject is comprised of (2) large 1br/1ba units approximately 745sf; (4) 1br/1ba units approximately 575 sf totaling 3,788 sf. The site provides eight on-site parking spaces, a generous ratio of 2.1/1000sf. Abundant street parking opportunities frequently present for over-flow parking. Pro-forma rents are $1895 each for 4 units , $2095 for the larger units. Coin laundry on site. *subject to survey wet and dry utilities record drawings and Cal Trans survey available