1071 Walnut Street & 1073, Tustin, California 92780, Tustin, 92780 - 5 bed, 2 bath
ACTIVE$3,188,000$2,901/sqft
1071 Walnut Street & 1073, Tustin, California 92780
5Beds
2Baths
2,901Sqft
18,452Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 18452, living area = 2901.
Top Cons:
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =18452, other record lot size in square feet = 136749. Living area discrepancy between mls listing and other public or private record. mls listing living area = 2901, other record living area = 62648.
Compared to the nearby listings
Price:$3.19M vs avg $1.30M (+$1,883,000)99%
Size:2,901 sqft vs avg 1,744.5 sqft98%
Price/sqft:$1.1K vs avg $69598%
More Insights
Condition: The listing explicitly states this is an 'Ideal location to build up to 12 new townhomes' and a 'Builder's Dream development opportunity,' with 'Demolition Costs for Existing Structure' noted as a weakness. This indicates the existing 2901 sqft residence is not intended for habitation or renovation, but rather for demolition to make way for new construction. The property's value is based solely on the land for redevelopment, aligning perfectly with the 'tear-down' criteria.
Year Built
Close
-
List price
$3.19M
Original List price
$3.2M
Price/Sqft
$1,099
HOA
-
Days on market
-
Sold On
-
MLS number
25533987
Home ConditionTear down
Features
View-
About this home
Orange County, City of Tustin. Ideal location to build up to 12 new townhomes. The Builder's Dream development opportunity.
L
Ljubco Angelov
Listing Agent
Price History
Date
Event
Price
12/29/20
Sold
$26,000,000
Condition Rating
Tear down
The listing explicitly states this is an 'Ideal location to build up to 12 new townhomes' and a 'Builder's Dream development opportunity,' with 'Demolition Costs for Existing Structure' noted as a weakness. This indicates the existing 2901 sqft residence is not intended for habitation or renovation, but rather for demolition to make way for new construction. The property's value is based solely on the land for redevelopment, aligning perfectly with the 'tear-down' criteria.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 18452, living area = 2901.
Exceptional Development Opportunity: The property is explicitly marketed as an 'Ideal location to build up to 12 new townhomes' and a 'Builder's Dream development opportunity,' indicating high potential for multi-unit residential construction.
Generous Lot Size: With a substantial lot size of 18,452 sqft (approximately 0.42 acres), there is ample space to accommodate a significant townhome development project.
Prime Orange County Location: Situated in Tustin, Orange County, the property benefits from a highly desirable and affluent location, enhancing the marketability and potential value of future townhomes.
Recent Price Adjustment: The list price has seen a recent reduction from $3.2 million to $3.188 million, potentially signaling a motivated seller or a more competitive entry point for developers.
Active Listing Status: The property is currently active on the market, providing an immediate opportunity for interested developers to pursue this project.
Cons
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =18452, other record lot size in square feet = 136749. Living area discrepancy between mls listing and other public or private record. mls listing living area = 2901, other record living area = 62648.
High Initial Capital Investment: The list price of $3.188 million represents a significant upfront investment for the land acquisition alone, requiring substantial capital from potential developers.
Demolition Costs for Existing Structure: The presence of an existing 2,901 sqft Single Family Residence implies additional costs and time for demolition and site preparation before new construction can commence.
Extensive Due Diligence Required: While promising 'up to 12 new townhomes,' the listing lacks specific zoning, entitlement, or permitting details, necessitating thorough due diligence by the buyer to confirm feasibility and associated development costs.