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ThePrudential Ulr <br /> Lurtsema Real Estate <br /> 5713 N.Pershing Avenue,Suite E <br /> Stockton,CA 95207 <br /> (209)951-2000 <br /> Jt t}f <br /> 81992 <br /> October 7, 1992 <br /> JJ,,t1rt PLANNING DIVISION ucr( <br /> °D� <br /> Jim Van Buren <br /> Chet Davidson <br /> San Joaquin County Planning Division <br /> 1810 Hazelton Avenue <br /> Stockton, CA 95205 <br /> Dear Sirs: <br /> On June 1992 , I wrote up a contract on 6 units located at: 3303 <br /> Franklin in Stockton. When constructed in 1972 they conformed to <br /> the zoning and building code in San Joaquin County. Since there is <br /> a commercial property adjacent to this, accommodating a liquor <br /> store on Alpine Street, it appears to be ideal planning according <br /> to most authorities in California and the local area. It never <br /> entered anyone's mind that the new County Master plan might change <br /> it. As you all know the area East of I-5 in Country Club has been <br /> developed at least 90%, for 20-30 years . It has always been a <br /> highly desirable area unlike some areas in the East and South of <br /> Stockton which has many substandard building, which never adhered <br /> to zoning or the building code. <br /> On August 27, 1992 the zoning was conforming. It produced <br /> approximately $33,000 gross income per year, accommodating 6 <br /> families in the two bedroom, 2 bath townhouses . When built the. 6 <br /> units met all the building codes . They probably would meet today's <br /> codes if smoke alarms were added. There is an outside fire <br /> extinguisher. San Joaquin County receives approximately $3,000 . 00 <br /> per year in 'property taxes, that it would lose. <br /> The buyer has had $2 ,000 . 00, non-interest bearing accounts in <br /> escrow since June 1992 . His money & time have been on hold waiting <br /> for this escrow to close. When the County of San Joaquin rezoned <br /> to a single family dwelling this meant, if the building were <br /> destroyed by fire or whatever, it could not be rebuilt, even the <br /> insurance would be in force to do so. <br /> The buyer feels it would be a $300,000.00 loss for him because an <br /> R1 lot by a liquor store would be unsalable. The present owner <br /> would be damaged. The price it is now sold for $295, 000 . 00 because <br /> no new buyer would want to chance having a vacant R1 lot. Also 6 <br /> families might join the homeless . <br /> An Ino.o4lWnth Owed YW Oownwo M.nq of TM Prjd. l Real Esau At116atm Int <br />