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$4,195,000
Est. payment /mo
9,005 Sqft Lot
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25526151
Lot Size 9,005 Sqft
Acres 0.2067
Property Description
Development opportunity in a qualified "Opportunity Zone". 14 Renovated units cash flowing at an amazing current Cap Rate of 6% from day 1. Attractive 2.6M assumable loan at an incredibly low rate of 3.9% fixed through 09/01/2027. Preliminary plans to add 20 new market-rate units by right (No low-income units) to achieve an unheard 11.5% Cap Rate, 6.8 GRM, and only 173k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The preliminary plans call for 8 detached ADUs in the back + 5 attached ADUs in the front + 7 new units in the front for a total of 20 new units. The 14 existing units have undergone many capital improvements including updated roof, electrical, plumbing, windows, interiors, exteriors, etc.
Location
State CA
County Los Angeles
Area Pacoima
Zoning LAC2
Exterior
View Y/N No
View None
Others
Special Listing Condition Standard
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Listed by Global Platinum Properties, Inc.
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