Permanent Living Conversion Opportunity - SRO, Convalescent and Other Uses

Highlights:

• Permanent Housing Conversion Opportunity
• High-demand Irvine, CA - Significant Recent Apartment Building Near the Property
• City Planning has indicated a roadmap to Conversion to Permanent Housing
• 88,239 SF building
• 148 units
• Built in 1986
• Renovated in 2020
• The property is listed on the National Register of Historic Places
• Pro Forma 7.1 Cap Rate/8.11 Cap Rate for Non-Profit

Description:

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 89,389 Square Feet.
The Rear Building is a former grain warehouse on the National Register of Historic Places.


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.

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