30793 Vallejo St Union City, CA 94587

This exceptional investment opportunity presents a 1.2-acre flat lot in Union City, CA (APN 483-10-12), encompassing two single-family homes totaling 52,272 square feet. The property, situated at 30793 Vallejo St, 94587, boasts a permitted R1 zoning. Currently featuring two existing structures built in 1927, one-story buildings, the property generates a current NOI of $60,000, with a 1.50% cap rate and an asking price of $3,995,000. The main house previously rented for $3600 per month, and the smaller house for $1200 per month. The city has approved plans for six lots, each capable of supporting a home of at least 1800 square feet, plus an accessory dwelling unit (ADU). This presents significant redevelopment potential under current state guidelines, potentially allowing for additional housing units or joint family homes. The seller is open to financing options, including a 50% down payment carry. The property requires minimal work to be immediately rentable while awaiting approvals for the redevelopment project. This is a rare chance to acquire a substantial multifamily portfolio in a desirable location with significant upside potential.