1007 Buschmann Rd Paradise, CA 95969

Property Details for 1007 Buschmann Rd

Year built

1999

Lot size

9.00 lot acres

Property size

41,360 SF

Property type

Retirement homes

Description

This exceptional 9-acre property in Paradise, CA, presents a compelling value-add investment opportunity. The site encompasses a partially-damaged, 41,360 square foot former assisted living facility (originally 72,090 sq ft, with the west wing intact after the 2018 Camp Fire), offering potential for conversion into approximately 43 multifamily units (28 studios and 15 one-bedroom/one-bathroom units). Conversion cost estimates range from $3 million to $3.5 million. In addition, the property includes five existing two-bedroom/two-bathroom duplex units (10 total units), each featuring in-unit laundry. These duplexes, built in 1999, boast central heating and air conditioning and are in excellent condition. A separate 2.87-acre parcel provides further expansion potential. The entire property is zoned for multifamily/residential use and offers 32 parking spaces. The asking price for this 6-building, 2-story complex is $2,500,000, representing a price per square foot of $60.44 and a land value of $6.37 per square foot. This distressed asset presents a unique chance to capitalize on a prime location and significant upside potential. The property is located at 1007-1043 Buschmann Rd, Paradise, CA 95969, in Butte County.