12602 Correnti Street,Pacoima, CA 91331
Pacoima, CA 91331
Description
PRICE REDUCTION! 14 Existing Renovated units + plans for 20 new market-rate units cash flowing at an amazing Current Cap Rate of 8.0% from day 1! Attractive 2.48M assumable loan (requiring only ~19% down) at an incredibly low rate of 3.98% fixed through 09/01/2027 yielding a remarkable 16.2% cash-on-cash return. Preliminary plans to add 20 new market-rate units to achieve an unheard of 13.9% Cap Rate, 5.52 GRM, and only 139k/unit after taking into account all the construction costs (~1.67M assuming $250/SF). The project is anticipated to deliver over $3.2MM in net profit after all construction and resale costs, yielding an exceptional 146.5% 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.
Details
| MLS # | 26996311 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Days On Site | 25 |
| Listing Provided By | Houze Real Estate Management | Kelly Morgan |
Features
| Zoning | [Q]C2-1VL-CUGU |
|---|---|
| Acreage | 0.21 |
| Property View | None |
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Pacoima |
| Zip Code | 91331 |
| Area | PAC Pacoima |
| Listing VS Median (in 91331) | |
Price: $3,075,000 low | high Med: $720,000 On site: 25 low | high Med: 10.5 | |
Market Activity 91331
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Pacoima |
| Zip Code | 91331 |
| Area | PAC Pacoima |
| Listing VS Median (in 91331) | |
Price: $3,075,000 low | high Med: $720,000 On site: 25 low | high Med: 10.5 | |