LOT SIZE 0.207 acres
MLS#26832921
STATUSActive
PROPERTY TYPELand - Lot/Land
Listing Courtesy of:
Houze Real Estate Management
Agency Phone: 323-852-1372
Associate Name: Kelly Morgan
Listing Shown by:
Farrell Smyth, Inc.
Agency Phone: 805-543-2172
Property Description
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.
Property Features
Property Type: Land - Lot/Land
Lot Size: 0.21 Acres
Feature Descriptions
Days on Site: 12
Parcel#: UNAVAILABLE
Listed By / Shown By
Listed By
Agency Name: Houze Real Estate Management
Agent Name: Kelly Morgan
Agency Phone: 323-852-1372
Shown By
Agency Title: Farrell Smyth, Inc.
Agency Phone: 805-543-2172
Estimate Your Payment
Estimated Payment
$ 8,306.87 per month $7,344.37 Principal & Interest $0.00 Property Tax (data not provided by mls) $962.50 Homeowner's Insurance
12602 Correnti Street | MLS# 26832921
This land located at 12602 Correnti Street, Pacoima, CA 91331 is currently listed for sale with an asking price of $3,300,000. The property has approximately 0.21 Acres. Search Pacoima real estate on www.farrellsmyth.com today.