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14 Renovated Units + Plans for 20 More Units 10028 San Fernando Rd 12 Unit Apartment Building $3,550,000 ($295,833/Unit) 7.25% Cap Rate Pacoima, CA 91331
INVESTMENT HIGHLIGHTS
- 14 renovated units with a current Cap Rate of 7.25% provides immediate cash flow
- Potential to add 20 new units, increasing Cap Rate to an unheard of 13.9%
- Plans for an additional 8 detached ADUs in the back and 5 attached ADUs + 7 new units in front.
- Assumable 2.6M loan at only 3.9% interest rate yielding a remarkable 11.3% cash-on-cash return
- After construction costs, each unit will only cost an average of $154k, providing value for money
EXECUTIVE SUMMARY
Huge 650k Price Reduction! 14 existing Renovated units + plans for 20 new units cash flowing at an amazing current Cap Rate of 7.25% from day 1. Attractive 2.6M assumable loan at an incredibly low rate of 3.9% fixed through 09/01/2027 yielding a remarkable 11.3% cash-on-cash return. Preliminary plans to add 20 new units to achieve an unheard of 13.9% Cap Rate, 5.7 GRM, and only 149k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The 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.
PROPERTY FACTS
| Price | $3,550,000 | Building Class | C |
| Price Per Unit | $295,833 | Lot Size | 0.21 AC |
| Sale Type | Investment | Building Size | 5,334 SF |
| Cap Rate | 7.25% | Average Occupancy | 86% |
| Gross Rent Multiplier | 10.31 | No. Stories | 2 |
| No. Units | 12 | Year Built/Renovated | 1950/2021 |
| Property Type | Multifamily | Parking Ratio | 2.62/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | [Q]C2-1VL-CUGU - Commercial | ||
| Price | $3,550,000 |
| Price Per Unit | $295,833 |
| Sale Type | Investment |
| Cap Rate | 7.25% |
| Gross Rent Multiplier | 10.31 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 5,334 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built/Renovated | 1950/2021 |
| Parking Ratio | 2.62/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | [Q]C2-1VL-CUGU - Commercial |
AMENITIES
UNIT AMENITIES
- Refrigerator
SITE AMENITIES
- Gated
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 13 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 2537-012-024 | Improvements Assessment | $546,820 |
| Land Assessment | $842,105 | Total Assessment | $1,388,925 |
PROPERTY TAXES
Parcel Number
2537-012-024
Land Assessment
$842,105
Improvements Assessment
$546,820
Total Assessment
$1,388,925
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14 Renovated Units + Plans for 20 More Units | 10028 San Fernando Rd
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