12600 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% from day 1! Attractive 2.5M assumable loan (requiring only ~17% down) at an incredibly low rate of 3.9% fixed through 09/01/2027 yielding a remarkable 15.7% cash-on-cash return. Preliminary plans to add 20 new market-rate units to achieve an unheard of 14.3% Cap Rate, 5.6 GRM, and only 141k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The project is anticipated to deliver over $2.7MM in net profit after all construction and resale costs, yielding an exceptional 125.9% 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 # | 26866525 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Days On Site | 33 |
| Listing Provided By | Houze Real Estate Management | Kelly Morgan |
Features
| Bed(s) | 13 |
|---|---|
| Bath(s) | 14 |
| SQ Feet | 5,334 |
| Story(s) | 2 |
| Units | 14 |
| Building(s) | 1 |
| Acreage | 0.21 |
Interior
| Cooling | Wall Window Units |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
Parking
| Parking Features | Gated, Uncovered |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Pacoima |
| Zip Code | 91331 |
| Area | PAC Pacoima |
| Listing VS Median (in 91331) | |
Price: $3,150,000 low | high Med: $1,050,000 sqft: 5,334 low | high Med: 2,350 $ / sqft: $591 low | high Med: $447 On site: 33 low | high Med: 456 | |
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: $3,150,000 low | high Med: $1,050,000 sqft: 5,334 low | high Med: 2,350 $ / sqft: $591 low | high Med: $447 On site: 33 low | high Med: 456 | |