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14 Units Covered Land Play - Add 20 Units 12600 Correnti St 14 Unit Apartment Building $3,300,000 ($235,714/Unit) 7.50% Cap Rate Pacoima, CA 91331
Investment Highlights
- *Property Features* - 14 Renovated units cash flowing at amazing 7.5% Cap Rate & 9.8 GRM from Day 1
- *Covered Land Play* - Potential to add 20 additional units consisting of: 7 by right and 13 ADUs.
- *Assumable Loan* - Attractive assumable $2.5M loan at 3.9% interest rate through 9/1/2027
- *Financial Metrics* - Demand-driven unit mix consisting primarily of 1+1 units.
Executive Summary
14 Existing Renovated units + plans for 20 New market-rate units cash flowing at an amazing Current Cap Rate of 7.5% from day 1! Attractive 2.5M assumable loan (requiring only ~25% down) at an incredibly low rate of 3.9% fixed through 09/01/2027 yielding a remarkable 12.2% cash-on-cash return. Preliminary plans to add 20 new market-rate units to achieve an unheard of 13.9% Cap Rate, 5.7 GRM, and only 146k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The project is anticipated to deliver over $2.7M in net profit after all construction and resale costs, yielding an exceptional 117% return on levered equity. The plans call for 8 detached ADUs in the back + 5 attached ADUs in the front + 7 new units by right 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.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$333,766
|
$62.57
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,013
|
$1.88
|
| Effective Gross Income |
$323,753
|
$60.70
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$76,218
|
$14.29
|
| Net Operating Income |
$247,535
|
$46.41
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $333,766 |
| Annual Per SF | $62.57 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,013 |
| Annual Per SF | $1.88 |
| Effective Gross Income | |
|---|---|
| Annual | $323,753 |
| Annual Per SF | $60.70 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $76,218 |
| Annual Per SF | $14.29 |
| Net Operating Income | |
|---|---|
| Annual | $247,535 |
| Annual Per SF | $46.41 |
Property Facts
| Price | $3,300,000 | Property Subtype | Apartment |
| Price Per Unit | $235,714 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 7.50% | Building Size | 5,334 SF |
| Gross Rent Multiplier | 9.89 | No. Stories | 2 |
| No. Units | 14 | Year Built | 1950 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Zoning | [Q]C2-1VL-CUGU | ||
| Price | $3,300,000 |
| Price Per Unit | $235,714 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| Gross Rent Multiplier | 9.89 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.21 AC |
| Building Size | 5,334 SF |
| No. Stories | 2 |
| Year Built | 1950 |
| Opportunity Zone |
Yes |
| Zoning | [Q]C2-1VL-CUGU |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
40/100
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 Units Covered Land Play - Add 20 Units | 12600 Correnti St
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