12661 Pierce St 24 Unit Apartment Building $4,700,000 ($195,833/Unit) 5% Cap Rate Pacoima, CA 91331

12661 Pierce Street is a two-story, 24-unit multifamily building positioned for immediate value add opportunity in Pacoima, CA. Built in 1983 and not subject to RSO, the property sits on a 28,019 SF corner lot at Pierce Street and Glenoaks Boulevard, offering approximately 20,424 SF of rentable area. The building features an efficient unit mix of all two-bedroom, one-bath layouts—making it one of the most unique and strongest-performing configurations in the Northeast San Fernando Valley due to steady demand from working families who prioritize space, functionality, family and proximity to jobs and schools.
The location is fundamentally employment-driven. Tenants benefit from quick access to the 5, 118, and 210 Freeways, providing direct connectivity to major job centers throughout the San Fernando Valley, Sylmar, Sun Valley, Burbank, and Santa Clarita. The property is just minutes from Whiteman Airport, major I-5 distribution centers and warehouse facilities, and expanding media and production businesses in Pacoima and nearby Sun Valley. Production companies including Quixote Studios and XR Stage have expanded operations in the area, contributing to blue-collar and creative employment growth. Large national retailers and fast food restaurants along Glenoaks Boulevard and San Fernando Road—such as Costco, Lowe’s, Best Buy, Food 4 Less, Domino's Pizza, Planet Fitness, Burger King, Subway, Taco Bell and other service-oriented businesses—further anchor the local employment base.
For families, school proximity is a major driver of tenant stability. The property is right across Charles Maclay Middle School, San Fernando High School, Vaughn Next Century Learning Center, and Glendale Community College Hangar Aviation School, all within a short walk, reinforcing the long-term desirability of two-bedroom units in this pocket. The combination of accessible schools, neighborhood retail, and commuter efficiency creates a durable tenant base. 
From an investment standpoint, the opportunity is clear and immediate. Long-term ownership has resulted in rents approximately 30% below market.  The property does require renovations but that is precisely where the value lies. As units are strategically renovated, an investor can drastically improve the NOI and have a steady and solid cash-flowing property. Additionally, the planned East San Fernando Valley Light Rail Transit project along Van Nuys Boulevard will further enhance regional connectivity, supporting long-term appreciation. This is a well-located, family-oriented asset in a strengthening sub market with built-in rental upside and clear pathways to value creation from day one.