LOT SIZE 0.207 acres
MLS#26866533
STATUSActive
PROPERTY TYPELand - Lot/Land
Listing Courtesy of:
Houze Real Estate Management
Agency Phone: 323-852-1372
Associate Name: Kelly Morgan
Listing Shown by:
Watson Realty
Associate Name: TEAM T.P.G.
Property 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.
Property Features
Property Type: Land - Lot/Land
Lot Size: 0.21 Acres
Feature Descriptions
Days on Site: 1
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
Agent Name: TEAM T.P.G.
Agent Phone:
Agency Title: Watson Realty
Estimate Your Payment
Estimated Payment
$ 7,929.28 per month $7,010.53 Principal & Interest $0.00 Property Tax (data not provided by mls) $918.75 Homeowner's Insurance
12602 Correnti Street | MLS# 26866533
This land located at 12602 Correnti Street, Pacoima, CA 91331 is currently listed for sale with an asking price of $3,150,000. The property has approximately 0.21 Acres. Search Pacoima real estate on t-p-g.cce-escrow.com today.