Haddon Hacienda 10560 Haddon Ave 85 Unit Apartment Building $18,500,000 ($217,647/Unit) 5.79% Cap Rate Pacoima, CA 91331

Marcus & Millichap is pleased to present Haddon Hacienda, an 85-unit value-add apartment community located at 10560 Haddon Avenue in Pacoima, a high demand affordable rental submarket in the northeast San Fernando Valley. Current ownership has made significant capital improvements to the property in recent years (most of work done in 2022) including full renovation of 30 units, new windows, new fencing and entry gates, significant roof repairs, exterior painting, new outdoor lighting throughout, new seal and stripe of parking lot, improved laundry facilities, new landscaping and significant electrical upgrades. However, there is still a tremendous opportunity for rental growth as current rents are approximately 45% below market rate. Built in 1964, the property features a favorable unit mix consisting of (13) one-bedroom/one-bathroom units, (38) two-bedroom/one-bathroom units and (34) three-bedroom/two-bathroom units. Units feature ample closet space, large windows for natural light, vinyl wood flooring, air conditioning and stainless-steel appliances. Property amenities include controlled access, on-site laundry facility, on-site property manager and video patrol. The 74,896 square foot building sits on a large 3.4-acre lot that is LARD3 zoned.
Haddon Hacienda is located in the heart of the Pacoima, one of the San Fernando Valley’s oldest and most established communities. The area is supported by a mix of residential housing, local businesses, retail and services along major commercial corridors such as Van Nuys Boulevard, San Fernando Road and Glenoaks Boulevard. Residents enjoy convenient access to 5, 210 and 118 freeways for commuters headed to employment centers throughout the San Fernando Valley, Burbank, Glendale and Downtown Los Angeles. In addition, a new 6.7-mile light rail program, scheduled to be completed in 2031, will run along Van Nuys Blvd into Pacoima with a stop at Laurel Canyon and Van Nuys Blvd (about 2.5 blocks from the subject property) providing a more efficient public transportation option.