Log In/Sign Up
Your email has been sent.
11941 Lee Ave 9 Unit Apartment Building $1,500,000 ($166,667/Unit) 6.72% Cap Rate Adelanto, CA 92301
INVESTMENT HIGHLIGHTS
- ProForma CAP Rate of 7.31% With a ProForma GRM of 8.59. Current CAP Rate of 6.72%. ProForma CAP Rate is Based on Leveling Off Current Rents.
- Desirable Lot Size: Spanning 0.89 acres, the property offers ample parking and outdoor space, enhancing its appeal for families and long-term tenants.
- Tenant-Paid Utilities Separate gas & electric meters for each unit ensure tenants are responsible for their utilities, reducing operating expenses.
- Diverse Unit Mix The property consists six 2-bedroom, 2-bathroom units and three 3-bedroom, 2-bathroom units, with garage parking.
- Recent capital improvements feature a new roof, new A/C units, all new windows, and full renovations in 8 of the 9 units.
EXECUTIVE SUMMARY
Located in the thriving High Desert region, 11941 Lee Ave presents a prime investment opportunity in Adelanto's expanding rental market. This 9-unitapartment complex, built in 1982, spans approximately 0.89 acres and offers a well-balanced mix of spacious units. The property features six 2-bedroom,2-bathroom units, each equipped with a single-car garage, and three 3-bedroom, 2-bathroom units, appealing to a variety of tenants. Recent major capital improvements feature a new roof, new A/C units, all new windows, and full renovations in 8 of the 9 units. The complex provides scenic desert and mountain views, complemented by easy access to major transportation routes and local amenities. With separate gas and electric meters for each unit, utility management is straight forward. Situated in a city known for its pro-business policies and robust economic growth, this property offers excellent potential for consistent cash flow and long-term appreciation.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS In Escrow
| Price | $1,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $166,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.89 AC |
| Cap Rate | 6.72% | Building Size | 13,035 SF |
| Gross Rent Multiplier | 9.16 | No. Stories | 2 |
| No. Units | 9 | Year Built | 1982 |
| Property Type | Multifamily | Parking Ratio | 0.98/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | BP | ||
| Price | $1,500,000 |
| Price Per Unit | $166,667 |
| Sale Type | Investment |
| Cap Rate | 6.72% |
| Gross Rent Multiplier | 9.16 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.89 AC |
| Building Size | 13,035 SF |
| No. Stories | 2 |
| Year Built | 1982 |
| Parking Ratio | 0.98/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | BP |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Fenced Lot
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 6 | - | - |
| 3+2 | 3 | - | - |
PROPERTY TAXES
| Parcel Number | 0459-163-04 | Total Assessment | $836,640 (2025) |
| Land Assessment | $167,329 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $669,311 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
0459-163-04
Land Assessment
$167,329 (2025)
Improvements Assessment
$669,311 (2025)
Total Assessment
$836,640 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
1 of 10
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
11941 Lee Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.