12600 Correnti St, Pacoima, CA 91331
- $3,150,000
- 13
- BD
- 14
- BA
- 5,334
- SqFt
- List Price
- $3,150,000
- Price Change
- ▼ $150,000 1782533261
- MLS#
- 26831629
- Bedrooms
- 13
- Bathrooms
- 14
- Living Sq. Ft
- 5,334
- Lot Size
- 9,001
- Days on Market
- 82
- Property Type
- Multifamily
- Stories
- 2
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 15.79% cash-on-cash return. Preliminary plans to add 20 new market-rate units to achieve an unheard of 14.49% 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 $2.79MM in net profit after all construction and resale costs, yielding an exceptional 125.99% 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.
Additional Information
- Other Buildings
- None
- Heat
- Wall
- Cooling
- Wall/Window
- Number of Cars in Garage
- Gated, Uncovered
Mortgage Calculator
Courtesy of Houze Real Estate Management, Kelly Morgan - CA DRE#01898026
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